This week, deal flow came from every corner of the Southwest market, with Upland, CA; Perris, CA; Colton, CA; Lake Elsinore, CA; and Chandler, AZ, all making the list of the regions most noteworthy deals. In Perris, six retail pads on a 225,000-square-foot shopping center traded hands in separate transactions. In Colton, three adjacent warehouses totaling 743,381 square feet traded hands. In Chandler, the 129-room Hyatt Place Phoenix traded hands, and in Upland, CA, US Storage added 483 more units to its growing portfolio. Activity in the development arena also kept up this week, with the highlight being the opening of the NoMad hotel in Downtown Los Angeles. Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.

NEW & NOTABLE
SCOTTSDALE, AZ—Realty Executives International has named Patrick van den Bossche as it's new president. This appointment rounds out the global real estate firm's leadership team focused on aggressive network growth and expansion. Van den Bossche was born in Rotterdam, Netherlands, immigrating as a teenager to the United States with his parents who were immigrants from Indonesia. He brings with him 30 years of experience as a C-suite executive managing fast growth, start-up and next-growth companies. His track record of success leading companies across multiple industries includes Barrett-Jackson Auction Company, Echo Automotive Inc., SPI Holdings Inc., and Modtech Holdings Inc.  He is also an industry insider, getting his real estate license in 2005 and leveraging it throughout his business dealings.

SAN DIEGO—Colliers International San Diego Region has hired Raul Carmona as VP specializing in industrial property sales and leasing in Otay Mesa, Tijuana, Mexicali and Baja California. Raul will be based in Colliers International's UTC office. Originally from Tijuana, Baja California, Carmona holds more than 30 years of cross-border manufacturing plant management and property brokerage experience. He served as the Director of Economic Development for the City of Tijuana and was most recently affiliated with Vesta Industrial Real Estate. He is actively involved with the Western Maquiladora Trade Association and American Society of Manufacturing Engineers.

PHOENIX—BOMA was one of two industry groups in greater Phoenix to support the extension of Prop 301, which will increase state sales tax by 0.6 cents to continue putting more money into Arizona classrooms. The Arizona Legislature last week passed and sent to Gov. Doug Ducey the Prop. 301 extension that funds K-12 education in Arizona by approximately $600 million per year. The vote on SB1390 was 53-6 in the House and 26-4 in Senate and was passed in one day. The only significant tweak to existing law is it redirected $64.1 million that was for capital bonding to have that money also go into the classroom.

PHOENIX— Darrell Moffitt has rejoined the Phoenix office of Marcus & Millichap as a first VP with the firm's national multi-housing group after previously being with the firm for 15 years. Moffitt knowledge of the multi-family market, combined with his ability to build and cultivate relationships, has yielded tremendous success for both him and his clients throughout his career. He adds experience, work ethic, and a history of collaboration to our growing sales force.

DEALTRACKER

RANCHO SANTA MARGARITA—Cypress West Partners has acquired Redhawk Medical Plaza, a 32,471-square-foot two-story medical office property located at 44274 George Cushman Court in Temecula, CA, in a joint venture with MedProperties Holdings LLC. This transaction marks Cypress West's sixth acquisition with Med Properties. Marcus & Millichap's Ben Tashakorian, David Benjamin, and Bradley Peters represented the sellers in the deal. Cypress West represented itself in the transaction. HFF's Aldo Cole and Jonathan Chun assisted on securing the debt with CIT Bank. Redhawk Medical Plaza is 100% occupied with major tenants that include: McKessson Specialty Health, Pediatric Partners and California Imaging and Diagnostics. For Cypress West, Redhawk Medical Plaza represents the rare opportunity to acquire a class-A quality medical office building in the Southern California market. Built in 2001, the property benefits from a prominent location along the busy Temecula Parkway, which forms the southwestern anchor of the Inland Empire.  It is located approximately 2 miles east of Temecula Valley Hospital, a 140-private bed hospital with 300 physicians and more than 600 employees owned and operated by Universal Health Services (UHS).

COLTON, CA—DAUM Commercial Real Estate Services brokered the acquisition of a portfolio of three adjacent industrial warehouses, totaling 743,381 square feet, in Colton, California. Ken Andersen, EVP at DAUM, completed the transaction with Rick John, an EVP at DAUM's Inland Empire office, as well as Barbara Emmons Perrier and Darla Longo of CBRE, on behalf of both the buyer, Black Creek Group, a real estate investment firm based in Denver, Colorado, and the seller, one of the largest REITs in the United States.

ANAHEIM—Consolidated Container Co., which currently leases and occupies a 161,500-square-foot industrial building located at 1201 East Cerritos Avenue in Anaheim, has renewed its lease for 10 years. Total consideration was in excess of $15+ million. Brian Netzky and Jim Herbst of Interstate Tenant Advisors, LLC, along with Brad Gilmer of Lee & Associates Orange, represented Consolidated Container Co. Prologis, which is the lessor, represented itself.

SAN DIEGO—MetroGroup Realty Finance has provided $21.9 million in permanent acquisition financing for a class-A, 103,830 square-foot R&D/Flex corporate campus in the Sorrento Mesa submarket of San Diego, California, on behalf of its client, a Newport Beach-based private investor. The property is fully leased to Quantum Design International, a global manufacturer and distributor of instrumentation used in the materials science, physics, chemistry, biotechnology and nanotechnology industries. The seven-year loan with a 30-year amortization was fixed at a rate of 4.2 percent, with a loan-to-purchase-price of 69%. The buyer purchased the asset, located at 10307 and 10309 Pacific Center Court in San Diego, California, from Colony Northstar, Inc., a publicly traded global real estate investment company. Michael Hartel of Colliers International represented the buyer, and worked directly with the seller in this transaction.

GLENDALE—Colliers International has negotiated the sale of the Summerhill Place apartments, located at 6801 W. Ocotillo Road in Glendale, Arizona for $19.8 million. The HSK Team comprised of Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers International in Phoenix represented the seller and secured the buyer. Maesag Properties, LLC, an entity formed by Shon and Karah Brown was the buyer. Trimark-Summerhill Place, LLC, an entity formed by Trimark Property Group out of Pacific, WA was the seller. Trimark Property Group, LLC is the real estate investment arm that develops, owns and manages its real estate holdings. The company has been able to acquire and retain a broad range of national and regional tenants to its centers by providing clean and professionally managed building in prominent locations.

UPLAND, CA—US Storage Centers has acquired a 483 unit, 45,452-square-foot self-storage facility located at 1808 West Foothill Boulevard in Upland, California from Foothill You-Stor.  US Storage Centers currently owns and operates 43 self-storage facilities in Southern California.  Ideally located just minutes from Interstate 10, this facility features drive up access, video monitoring, gated access and RV/boat/auto storage. Garrett Sholer represented US Storage Centers from Lee & Associates. Travis Allan, also from Lee & Associates, represented the seller.

CHANDLER, AZ—HREC Investment Advisors has brokered the sale of the 129-guestroom Hyatt Place Phoenix/Chandler-Fashion Center located in Chandler, Arizona, to KWB Hotels. HREC Investment Advisors exclusively represented an institutional owner during the transaction. The sale was negotiated by Bill Murney, Managing Partner in the Phoenix office. The Hotel is located adjacent to the Chandler Fashion Center Mall, which provides walkability to a vast array of restaurants and shopping. The Chandler Fashion Center stores have the highest per square foot sales volume in Arizona, second only to Scottsdale Fashion Square. The Hotel benefits from its strategic location near Chandler's Price Corridor, which is home to the area's top employers including Intel, Wells Fargo, Bank of America, PayPal, Orbital ATK, and Microchip Technologies.

IRVINE, CA—Berkadia has brokered the sale of Sunset Plaza, a multifamily property in West Covina, California. Managing Director Shane Shafer of Berkadia's Irvine, California office completed the $44.85 million sale on behalf of the buyer, Goldrich Kest and the seller, Waterton. The deal closed on February 28. Located at 1234 W Cameron Ave., Sunset Plaza offers studio, one-, two- and three-bedroom floorplans with balconies, granite countertops and air conditioning. Residents can also enjoy community amenities, such as a pool and fitness center. The property affords convenient access to downtown Los Angeles, which is about 20 miles away.

PERRIS, CA—Hanley Investment Group Real Estate Advisors has completed the sale of six retail pads in separate transactions at Perris Marketplace, a 225,000-square-foot Walmart Supercenter-anchored shopping center in the City of Perris, California, for a combined sales price of approximately $29.5 million. The 100%-occupied properties totaling approximately 39,000 square feet consisted of three multi-tenant pad buildings and three single-tenant fast-food pad restaurants. The Hanley Investment Group EVP Bill Asher and senior associate Jeff Lefko represented the seller, owner and developers Evergreen and Trachman Indevco, in the sale of the six retail pads. Spanning the last 42 years, Evergreen is a national retail and multi-family development company with heavy emphasis on developing projects in California, Colorado, Arizona, and Utah. Trachman Indevco is a real estate investment and development company that specializes in new ground-up retail development and retail development/ repositioning opportunities in southern and central California.

Riverside, CA—Strategic Storage Trust IV, Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired a 460-unit self-storage facility located at 3167 Van Buren Blvd. in Riverside, California. The facility has approximately 55,000 rentable square feet and is situated on nearly 2.3 acres of land.

LAKE ELSINORE, CA—Adler Realty Investments in partnership with Fairway Commercial Partners, has sold Phase I of the Fairway Industrial Park in Lake Elsinore. The three buildings total 74,800 square feet and are located at 470, 480 and 490 Third Street in Lake Elsinore. The properties were sold to a single private investor upon completion for $10 million. Phase one is situated on approximately five acres of the 18 acres project, which is expected to be built in three phases. Phase II of the development is anticipated to break ground in Q2 of 2018 and will consist of six buildings varying in size from 8,000 square feet to 18,000 square feet. Larry Null and Charlie Black of Lee & Associates, represented the seller and buyer in the transaction and will be marketing the future phases.

BUILDING BLOCKS

PHOENIX—Following the completion of phase one in the ongoing $25 million renovation of the Arizona Center, San Diego-based Parallel Capital Partners has inked a five-year 60,024-square-foot lease with Arizona State University (ASU) to house its Thunderbird School of Global Management at One Arizona Center. One Arizona Center is one of two commercial office towers at Arizona Center, a 16-acre, one-million-square-foot multi-use entertainment destination located at 3rd Street and Van Buren in downtown Phoenix. Current and incoming Thunderbird graduate students are expected to attend classes in the Arizona Center rather than the school's current location in Glendale starting in the fall of 2018. Additionally, ASU is presently leasing 10,902 square feet of office and classroom space on the second floor and 32,900 square feet on the third floor of the Arizona Center's Garden Pavilion – a separate building.

LOS ANGELES—R.D. Olson Construction has completed the renovation of the historic Bank of Italy Building into the new NoMad Hotel. Located at 649 S. Olive Street, the NoMad Los Angeles features 241 rooms, a rooftop pool and lounge and 10,000 square feet of meeting and event space. Dining options include a casual restaurant and bar in the lobby, an Italian-inspired café and a formal dining room, all led by Michelin-recognized executive chef Daniel Humm and internationally acclaimed restaurateur Will Guidara. The duo is also behind the dining options at the original NoMad Hotel in New York City and Manhattan's Eleven Madison Park, currently ranked first on the “World's 50 Best” restaurants list.

Chandler, AZ—The Statesman Group announced today the completion of the second phase of construction at The Cays at Downtown Ocotillo, a $90 million community located within the sought-after Ocotillo neighborhood in Chandler. The second phase includes the expansive 9,500 square-foot clubhouse and two new model homes. Already 50% of the 70 homes in the second phase, priced from the mid-$200,000s, are sold and owners started moving in earlier this month. Just seven of the 76 homes in the first phase remain before sell-out. Two additional future phases are planned to include 64 more residences for a total of 278 homes. Residents have access to an expansive offering of resort-style amenities at The Cays including the brand-new clubhouse that features a gourmet community kitchen, two-sided fireplace, a media center and social lounge, yoga studio, billiards and shuffleboard located at the heart of the property. Other amenities include a 1,800-square-foot fitness center with locker rooms and private steam showers, year-round heated swimming pool surrounded by private cabanas, an outdoor kitchen with gas BBQs and a bar, fireplaces and lush landscaping.