Western Real Estate Business

JAN 2016

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/620979

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Page 7 of 48

C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • January 2016 • 7 PRG, BLACKSTONE ACQUIRE 16-PROPERTY MULTIFAMILY PORTFOLIO FOR $570 MILLION LOS ANGELES — Phoenix Realty Group (PRG) and Blackstone Real Estate Partners VIII have acquired a 16-property multifamily portfolio for $570 million. The portfolio contains a total of 3,800 units. Properties within the portfolio are located in Los Angeles Metro, San Di- ego, Denver and south Florida. The assets were acquired from two closed- end private equity funds managed by PRG. The portfolio was listed once the funds reached the end of their intend- ed investment period. CLARION PARTNERS BUYS PACIFIC TECHNOLOGY PARK IN SAN DIEGO SAN DIEGO — Clarion Partners has purchased Pacifc Technology Park, a 544,352-square-foot ofce park in San Diego, for a reported $90 million. The park is located at 9389-9477 Waples Street in the Sorrento Mesa submarket. Pacifc Technology Park was 80 per- cent leased at the time of sale. Notable tenants include Thermo Fisher, Qual- comm, Novartis, DirectMed, True Temper, Raytheon, Cintas and Tritech. Clarion was represented in-house, while the seller, CBRE Global Inves- tors, was represented by Jefrey Cole, Jef Chiate and Ed Hernandez of Cushman & Wakefeld. NEWMARK ARRANGES $40 MILLION LOAN FOR IN SOUTH GATE SOUTH GATE, CALIF. — Newmark Realty Capital Inc. has arranged $40 million in permanent fnancing for a 370,000-square-foot regional power center in South Gate. Completed in 2014, the center includes a strong line up of national and credit retail tenants. George Mitsanas, Peter HIllakas and Doug Tisdale of Newmark's Los Angeles ofce arranged the fxed-rate, non-recourse fnancing for the bor- rower, a Los Angeles-based develop- er. The 10-year, interest-only loan was placed with one of Newmark's corre- spondent life insurance lenders. GENERAL ATOMICS AERONAUTICAL SYSTEMS LEASES SPACE IN POWAY SAN DIEGO — General Atomics Aero- nautical Systems has signed a four- year lease for a 112,000-square-foot industrial property in the San Diego submarket of Poway. The building is located at 13550 Stowe Drive. General Atomics is a major resource for high technology systems. The lease is val- ued at more than $4.2 million. General Atomics represented itself in the trans- action. Ted Cuthbert of Colliers Inter- national and Bob Willingham, James Duncan and Mickey Morera of Kidder Mathews represented the landlord, CT Realty, in this transaction. MAJESTIC REALTY OPENS MOUNTAIN GROVE AT CITRUS PLAZA IN CALIFORNIA REDLANDS, CALIF. — Majestic Real- ty Retail, a division of Majestic Realty Co., has announced the grand open- ing of Mountain Grove at Citrus Pla- za, a 67-acre retail and entertainment shopping center in Redlands. The grand opening included 24 businesses, ranging from fashion, food and ftness to health and beau- ty, entertainment and home goods. Mountain Grove tenants include Ba- nana Republic, Buy Buy Baby, Justice, Nordstrom Rack, Old Navy, TJ Maxx, Lane Bryant, Bahama Buck's, MOD Pizza, Yogurtland, Waba Grill, 24 Hour Fitness, ULTA Beauty, Harkins Theaters, Hobby Lobby, HomeGoods and Kirkland's. PB FINANCIAL GROUP CORP. FUNDS 20 LOANS FOR A TOTAL OF $8.7 MILLION LOS ANGELES — PB Financial Group Corp. has funded 20 loans throughout California for a total of more than $8.7 million. The Los Angeles-based frm fnanced a variety of projects, from in- dustrial buildings to multifamily prop- erties. The properties were situated throughout the state, including Los Angeles, San Francisco, Palm Springs and various San Diego submarkets. PB Financial specializes in privately funded transactions for commercial and residential real estate in California. READY CAPITAL CLOSES $9.1 MILLION LOAN FOR THE HANGARS AT PLAYA VISTA LOS ANGELES — Ready Capital Structured Finance has closed a $9.1 million loan for the Hangars at Playa Vista. The property contains four sep- arate industrial/ofce buildings that total 22,675 square feet in the Los An- geles submarket of Playa Vista. The funds will be used to refnance and renovate the property. Hangars at Playa Vista will undergo a complete renovation that will convert it to a cre- ative ofce space catering specifcally to the Silicon Beach tech corridor. The loan features a two-year term with a one-year extension and an 80 percent loan-to-cost ratio. Ready Capital Structured Finance originates, manages and fnances non- recourse foating and fxed rate loans of up to fve years on transitional, value- add and event-driven commercial and multifamily real estate opportunities. WNC RE-HIRES KELLY HENDERSON AS SENIOR VICE PRESIDENT OF ORIGINATIONS FOR THE NORTHEAST IRVINE, CALIF. — WNC, an investor specializing in low-income housing tax credits (LIHTC) including seniors housing, has hired Kelly Henderson as senior vice president of origina- tions for the Northeast. Henderson previously spent nine years with the Irvine-based company as a senior vice president in acquisitions. In her new role, Henderson is re- sponsible for property acquisitions and closings in the Northeast, specif- cally the states of Connecticut, Dela- ware, Maine, Maryland, Massachu- setts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Is- land and Vermont, as well as Wash- ington, D.C. Alvista Long Beach is one of the 16 properties recently acquired by PRG and Blackstone. California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight. www.walkerdunlop.com Commercial Real Estate Finance POWERING YOUR PROSPERITY Alasdair Cripps Mesirow Financial Avid Football Fan Walker & Dunlop borrower since 2012

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