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Equity Office Daily Brief: March 6, 2017

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Daily Brief

March 06, 2017




Investor Pairs Tower Pickups

Los Angeles Business Journal


Real estate investment firm DivcoWest doubled its footprint in Los Angeles last week as it swept up two office buildings in deals worth about $232 million. The San Francisco firm purchased the Telephone Building in Santa Monica for $52.5 million and the...


USC Moves on Medical

Los Angeles Business Journal


USC has added a medical office building to its immense real estate portfolio, purchasing the roughly 151,000-square-foot site on the USC Health Sciences Campus where it had leased space from owner Doheny Eye Institute, a nonprofit affiliated with rival UCLA. The price...




LA's South Bay Industrial Market Closed Out 2016 with a Booming Fourth Quarter


Los Angeles’ South Bay industrial market closed out 2016 on a strong note, posting nearly 1.4 msf of net absorption in the fourth quarter of the year – the biggest three-month total since 2004, according to Colliers International’s quarterly surveys. These...


El Segundo Office Asset Trades in $52 Mil Transaction


A 157.2k sf, Class A office property in El Segundo sold for $52 mil ($330/sf) in a recent off-market transaction. The building, located at 2300 E. Imperial Ave, was vacant at the time of sale. 2300 E. Imperial Avenue, a seven-story...


Creative Office: An Instant Competitive Edge


Office owners are turning to creative office build outs to gain a competitive advantage in 2017. The office market closed with a bang at the end of 2016, and rents have climbed steadily since late 2012. With competition heating up in...


Middle Market Digest: This Week in Southwest


2017 continues to be active, riding off momentum from the end of the year and with expectation that the first quarter will show strong performance. Some of the highlights this week include new executive hires, especially in the architecture and design...



Investor Pairs Tower Pickups

Los Angeles Business Journal


Real estate investment firm DivcoWest doubled its footprint in Los Angeles last week as it swept up two office buildings in deals worth about $232 million.

The San Francisco firm purchased the Telephone Building in Santa Monica for $52.5 million and the Glendale Plaza in Glendale for $179 million, according to sources familiar with the transactions. Both properties are almost fully leased.

In a statement confirming the deals, Divco Managing Director Michael Provost emphasized the company’s confidence that employers located in both neighborhoods are positioned to attract and retain talent.

The company declined interview requests.

Divco, which manages more than $2.5 billion in equity, also owns an office complex in El Segundo and one in Playa Vista. It sold Gateway El Segundo in November for $120 million and the Pasadena Business Center in June for $67 million.

The company and its affiliates manage funds from institutional investors and high-net-worth families. It does both asset and property management, and has acquired more than 30 million square feet of commercial properties since its founding in 1993. Current holdings – mostly office buildings – are clustered in Austin, Texas; Boston; the Silicon Valley; and Los Angeles.

The Santa Monica and Glendale deals set up Divco in two office markets that are unlikely to see new construction anytime soon, although for different reasons. Santa Monica is tight on space and tough on development. Glendale has space to spare but office rents would need to double in order to justify construction costs.

Calling Santa Monica

Provost highlighted the squeeze on the office market in Santa Monica as a key reason to pick up the Telephone Building, a recently renovated six-story property a half-mile from the beach at 1314 Seventh St., near Arizona Avenue.

“The Telephone Building is an irreplaceable, top-grade commercial asset in a severely supply-constrained submarket of Los Angeles,” he said in the statement.

The building’s ownership is unusual in that the property was divided into condominium units in 2012. Verizon California Inc. retained a portion of the building that is used for switching equipment and sold a 58,540-square-foot condominium interest to Pacshore Partners and Alcion Ventures for $19.5 million through an entity called Alcion PS Santa Monica Owner, according to public records. The Verizon interest is now owned by Frontier Communications, which bought that company’s wire-line operations in California last year.

The $52.5 million price tag for the section sold to Divco equates to $897 a square foot, on par with several other recent office sales in the beach city, including Colorado Center’s sale in May of a 50 percent stake for $863 million, or $863 a square foot. The Lantana campus followed in November for $400 million, or $825 a square foot.

However, these all rank far below November’s sale of the office complex at 2600 and 2700 Colorado for $368 million, or $1,165 a square foot. Software giant Oracle Corp. bought the building with the intention of occupying the space.

Doug Bond, Andrew Harper, Ryan Gallagher, Michael Leggett, and Michael Matchett of Holliday Fenoglio Fowler held the listing for Pacshore and Alcion, while Divco represented itself.

The Telephone Building is 85 percent leased, according to HFF, including Verizon Communications Inc., venture capital firm Upfront Ventures, and restaurant Cassia.

A creative office renovation of the 1930s-era building was completed in 2015, and it now commands some of the highest rents in Santa Monica, HFF said.

Average monthly rents in Santa Monica hit $5.76 a square foot last quarter, the highest in Los Angeles County, according to Jones Lang LaSalle.

CBRE data had Santa Monica with a net absorption of 537,513 square feet last quarter – a record for the submarket that represented about a quarter of L.A.’s total net absorption in the period. As a result, the office vacancy rate slid from 15 percent to 9.5 percent in Santa Monica, leaving less than 1 million square feet available for lease.

Glendale gem

Glendale Plaza is a more traditional office animal – a limestone-clad, 25-story tower built in 1999. Prudential Financial Inc. picked up the property through a subsidiary in the boom times of 2006 for $215 million, making last week’s sale at $179 million a remarkable discount. The sale translated to $327 a square foot.

Sean Sullivan of CBRE, who marketed the property along with Todd Tydlaska and Michael Longo, said Glendale values have been popping up lately.

“You can look at it as coming down a lot in the last 10 years or up in the last three years,” he said. “The Glendale market has never been better than it is today.”

Glendale Plaza attracted a dozen bids in what Sullivan sees as a sign of investor interest heating up as an influx of apartment and retail projects help the city shed its suburban image. The market is also unlikely to see more supply become available, because average rents are too low to cover construction costs.

“We’re a long way from any new office construction in Glendale, so people are betting on significant office rent growth in Glendale,” Sullivan said.

The Glendale Plaza site, on North Central Avenue near the 134 freeway, appealed to Divco for its proximity to the city’s shopping and apartment hubs, the company said.

“Developers like Rick Caruso have created a powerful sense of place in Glendale with visionary retail and residential developments like Americana at Brand,” Provost said in a statement.

Glendale Plaza counts DreamWorks Animation, an NBCUniversal subsidiary, as one of its largest tenants, according to CoStar. The building is 95 percent leased.

The new owner plans to spruce up common areas in the 547,300-square-foot building and aims eventually to capitalize on rents that have been steadily creeping upward in the market, the company said.

Average monthly rents in Glendale rose to $2.64 a square foot last quarter, according to JLL, with vacancy sliding to 10.7 percent. In comparison, average monthly rents are $3.52 a square foot in nearby downtown Los Angeles.

-Daina Beth Solomon

USC Moves on Medical

Los Angeles Business Journal


USC has added a medical office building to its immense real estate portfolio, purchasing the roughly 151,000-square-foot site on the USC Health Sciences Campus where it had leased space from owner Doheny Eye Institute, a nonprofit affiliated with rival UCLA.

The price was just over $110 million, or more than $730 a square foot, according to a source familiar with the deal.

Laurie Michelle Stone, USC’s associate senior vice president for real estate, said the university targeted the property because it is the building’s sole tenant for both clinical practice and research.

“That, in conjunction with the building’s location in the center of our USC Health Sciences Campus, made this an important acquisition for the university,” she said via email.

Doheny was affiliated with USC for four decades until 2012, when the university ended the relationship. Doheny signed a 99-year agreement the following year tying it to UCLA.

Doheny’s executive director, Marissa Goldberg, said the new partnership was part of the institute’s motivation to sell.

“Since our academic affiliation now lies with UCLA Stein Eye Institute, it makes sense to divest ourselves of this property as part of our larger strategic realignment with our affiliation partner,” she said via email.

The sale comes as the medical office market is a hot target in Los Angeles. The sector’s vacancy rate has been falling since 2012 and hit 7.3 percent last quarter, according to Marcus & Millichap. That figure represents half the traditional office vacancy rate of Los Angeles County in the same period.

The Doheny building was marketed by Charles Dunn Co. and Kennedy Wilson Inc. and attracted bids for as much as $125 million, or about $830 a square foot, according to sources familiar with the transaction. Investor interest was particularly strong because USC has a lease for the building, constructed by Doheny in 1976 with a major expansion in the mid-’90s, for an additional two decades.

Christopher Conway, Doheny’s chief of development and public affairs, said the deal resolved legal disputes between the two parties. Doheny sued USC in June, alleging the university was using Doheny’s clinical equipment and furniture without permission and had breached a lease contract.

“The outstanding issues were folded into the deal,” he said. “Doheny was very pleased with the outcome.”

-Daina Beth Solomon

LA's South Bay Industrial Market Closed Out 2016 with a Booming Fourth Quarter


Los Angeles’ South Bay industrial market closed out 2016 on a strong note, posting nearly 1.4 msf of net absorption in the fourth quarter of the year – the biggest three-month total since 2004, according to Colliers International’s quarterly surveys. These figures come ahead of new data showing a surge in January trade through the twin ports of Los Angeles and Long Beach. “The chief reason behind the strong net absorption was that three new buildings totaling 810k sf were completed and leased in the fourth quarter,” said Colliers Executive Managing Director John Hollingsworth, who is based in the firm’s El Segundo office and oversees industrial brokerage throughout Greater Los Angeles. “Otherwise, businesses in the South Bay that are planning for growth generally are frustrated with the lack of available space.” The fourth quarter’s strong absorption – which represented 60 percent of the total market’s gain in 2016 – was nearly offset by the 1.31 msf of new construction that landed on the market in Q4. That pushed up the South Bay’s total inventory by about 0.7% to 213.7 msf. South Bay has 16% of the total space in the Los Angeles Basin and is the third-largest industrial market in Southern California. There were two buildings developed by the Trammell Crow Company in Compton totaling about 1.1 msf that were completed in the fourth quarter. One of the buildings was leased by UPS. Even with the added inventory, demand drove down the vacancy rate 10 basis points to settle at 1%. Vacancy is tightest in the Gardena/Harbor Freeway submarket at 0.5% and Long Beach/Harbor Cities at 0.8 percent. “Some of our users will find relief in the 1.2 msf of new supply that’s due for delivery this year,” said Colliers Vice President Charles Littell. “But the overall market is so tight that even the most marginal space is drawing multiple offers. Overall, asking lease rates are increasing annually by double digits, and some tenants renewing leases are seeing rent hikes of up to 45%.” On the heels of Colliers’ fourth-quarter analysis, the Port of Los Angeles reported its busiest January in the port’s 110-year history. Dockworkers handled 826,640 20-foot equivalent units (TEUs), which was a 17.4 % year-over-year increase, port officials said. The Port of Long Beach reported that it handled 582,689 TEUs in January, an 8.7% hike from a year ago. Port officials attributed the high container volume to retail stores replenishing inventories after the holidays. L.A. port officials said the high January traffic also was due to a spike in exports, up 28.7% from a year ago, and cargo ships from Asia calling ahead of the Jan. 28 start of the Lunar New Year. The average triple-net rental rate of 75 cents per square foot is up more than 27% in the last four years and is projected to continue to climb as the shortage of available land severely limits new development. Combined sales and leasing activity in South Bay in the fourth quarter totaled 3.3 msf with nine building sales and 55 leases of space that totaled more than 3 msf. Cap rates continue to remain tight in Los Angeles County, averaging 5.4% in Q4 2016. Investors are expected to continue their focus on prime infill locations.


El Segundo Office Asset Trades in $52 Mil Transaction


A 157.2k sf, Class A office property in El Segundo sold for $52 mil ($330/sf) in a recent off-market transaction. The building, located at 2300 E. Imperial Ave, was vacant at the time of sale. 2300 E. Imperial Avenue, a seven-story building situated on 4.57 acres, was initially constructed in 1964 and renovated in 2000 with new common areas and parking structure. The building features efficient floor plates, creative space, and some of the most dynamic airport views in Los Angeles. It is situated adjacent to Los Angeles International Airport (LAX), the building lies near several retail, dining, financial and professional services amenities, and provides excellent access to the 105, 405 and 110 freeways. Chris Sinfield and Tom Sheets with Cushman & Wakefield represented the seller, V.C.I. Corporation, in the transaction. According to Sinfield, the building represents one of the largest blocks of Class A office space in the market and is well suited for the next generation office user. “El Segundo is an in-demand corporate location and finished as one of the top-performing office submarkets in Greater Los Angeles (GLA) with over 1 msf of leasing activity resulting in over 200k sf of occupancy growth in 2016,” Sheets noted, “Vacancy in this submarket has fallen below 13 percent, down from over 18 percent two years ago and just below GLA’s recent regional average of 14.1 percent, according to Cushman & Wakefield’s latest market reports.”


Creative Office: An Instant Competitive Edge


Office owners are turning to creative office build outs to gain a competitive advantage in 2017. The office market closed with a bang at the end of 2016, and rents have climbed steadily since late 2012. With competition heating up in the Los Angeles office market, we sat down with Tim Lee, VP of corporate development and legal affairs at Olive Hill Group, to get an insider look at their office strategy for the year. The firm recently reached 100% occupancy at its creative office campus in Culver City with a lease to Omnia Media. In this exclusive interview, Lee says that creative office is the key to attracting the right tenants in this market. Where is the office market headed in 2017?

Tim Lee: The Los Angeles office market continues to demonstrate tremendous growth and revitalization. Overall fundamentals remain strong, with robust job growth, a strengthening local economy, and tenant demand for quality workspaces driving leasing activity in the year ahead.

Strong tenant demand is fueling a construction boom in select submarkets of Los Angeles, with over 2.4 million square feet of new office space slated for delivery this year and next, according to JLL. Compared to other markets, however, this development pipeline is relatively small, with high barriers-to-entry and development regulations restricting a huge amount of new construction. As a result, Los Angeles is not experiencing the same type of oversupply that will potentially impact other markets, making it poised for long-term growth in 2017 and beyond.

Looking ahead, the best investment opportunities are not necessarily in markets that command the highest rents, but rather in those emerging submarkets with plenty of runway left for growth. Investors are targeting emerging markets such as Culver City, downtown Los Angeles, and the Arts District that are well positioned to attract tenants seeking a value-oriented alternative to high rent districts such as Playa Vista. What types of tenants are you focusing on in your properties?

Lee: At our creative office campus in Culver City, our strategy is to attract a diverse range of creative, professional tenants in the digital media, entertainment, and technology industries, as well as ancillary service providers to these media giants. Since acquiring our Corporate Pointe office towers last May, we’ve added Ipsos Insight, a division of the third largest research firm in the world, and most recently Omnia Media, a subsidiary of Canadian media giant Blue Ant Media, one of the world’s largest digital content producers and distributors.

A key focus of our investment strategy is to cultivate a high-quality tenant mix and environment that fosters innovation and collaboration. Our vision is to create an ecosystem of tenants that embody the creative energy of the Silicon Beach market.

We are also focused on targeting tenants seeking the best value in terms of high-quality creative workspaces. Tenants can lease more office space in the Culver City market for the same price as neighboring Santa Monica or Venice. Our office campus delivers a strong value proposition to tenants while also providing the creative environment today’s millennial workforce is demanding. This enables us to continue to attract high quality tenants and maintain a high overall occupancy of 95 percent. As the office market continues to heat up in Los Angeles, how are you staying competitive to attract high-quality tenants?

Lee: As competition heats up in the office sector, we are investing in significant capital improvements and repositioning our office buildings to provide our tenants with the best value-oriented alternative to newer construction.

By investing in creative office build outs, for example, we are providing flexible workspaces that can support businesses throughout their entire life cycles. At Corporate Pointe, we’re investing approximately $50 to $70 per square foot in renovations to reposition our office buildings into a collaborative work environment for creative tech tenants. As a result, we’ve been successful in maintaining high occupancies, which translates to stable cash flow and long term value.

Another strategy that we are currently utilizing to attract high-quality tenants is to offer competitive amenities. For example, we started bringing in food trucks to our Culver City office campus to provide our tenants with a variety of food options. By offering these additional amenities, we are helping our tenants increase employee retention and recruitment, which in turn allows us to bolster the overall stability of our asset and drive long-term value. How are you driving value in your properties both in the short and long term?

Lee: In the short term, we are currently in the process of redeveloping our Culver City property’s central courtyard to create an indoor/outdoor gathering space for tenants. One of the unique selling points of this property is the outdoor amenity space, which is well positioned to be converted into a work/play area that adds to the asset’s overall campus-like setting.

Today’s tenants are placing a greater value on indoor/outdoor gathering spaces, which is driving demand for low-rise office buildings with easy access to the outdoors. This building’s low-rise features enable it to remain competitive in attracting and retaining creative tenants, thereby adding stability and long-term property value.

We view all of our investments with a long-term focus, and utilize our fully integrated in-house property management platform to drive value through long-term hold periods. By working closely with our tenants and assessing their needs, we are able to ensure that our buildings are poised for future growth.

-Kelsi Maree Borland

Middle Market Digest: This Week in Southwest


2017 continues to be active, riding off momentum from the end of the year and with expectation that the first quarter will show strong performance. Some of the highlights this week include new executive hires, especially in the architecture and design sectors. Reports coming out of the Phoenix market also continue to show stable and steady activity in the home and multifamily sectors, while the industrial sector in Southern California has remained the most active in the first part of the year. Read on to find the deals and news you may have missed in the Southwest this week.


PHOENIX—The housing market in the greater Phoenix area maintained its pace of steady improvement in the last six months of 2016, which encouraged an acceleration in land sales. Total land activity was nearly identical to 2015 and projections indicate continued performance throughout 2017. Permitting for both single-family and multifamily housing rose from 2015 to 2016 with the strongest activity in the first half of the year, and developers pulled approximately 18,600 single-family permits and more than 9,400 multifamily permits during the year. While residential land sales spiked in the first six months of 2016, land prices dipped in the second half of the year. Overall, the median price in 2016 was up more than 30% from the median figure of 2015. Sales of land parcels for residential use were up more than 55% in the second half of the year over the first six months. The surge caused total transaction activity in 2016 to outpace 2015 by 5%.

Multifamily also remained strong in the market, however, the vacancy rate did elevate in the final months of the year, closing 2016 at 6%. It is expected to rise more in 2017.As a result, permitting for multifamily is forecasted to slow by approximately 30% in 2017 after several years of robust construction. Land sales for commercial uses dipped by 19% in the second half of 2016. The median price for commercial use land in 2016 was $4.08 per square foot, down 11% from the 2015 median price. The commercial real estate market improved in 2016 with vacancies trending lower and rents rising. New spec development has been modest, but there have been large build-to-suit projects in both the office and industrial sectors.


NEW & NOTABLE LAS VEGAS—JLL‘s Michael Shohet, president of NAIOP Southern Nevada, was named Chapter President of the Year at the annual NAIOP Chapter Leadership and Legislative Retreat in Washington.  He was selected from among 51 chapter presidents and 18,000 members in the organization. The Chapter Merit awards also honored 18 NAIOP chapters throughout the country.

IRVINE, CA—Taylor Design has added three key industry leaders to its Irvine team: John Gresko as senior project manager, Todd Yamanouchi as architect and Alesha Arp as senior strategist. Gresko, is an integrative design specialist with extensive experience in the firm’s core markets of healthcare, education and science and technology, and will help propel Taylor Design forward in its pursuit of design excellence by focusing on design quality and integrating user-based research into built environment projects. Yamanouchi is an exacting architect with a technical eye for detail, and will be responsible for integrating building systems and reinforcing design concepts through the entire project process. Arp will utilize her extensive experience in user research methods and processes to conduct client end-user research. The company will use her findings to guide the project’s design strategy and deliver a user-focused space that deliberately contributes to the client’s business initiatives.

ALISO VIEJO, CA—Seabreeze Management Co. has acquired a creative office building at 26840 Aliso Viejo Parkway from Kelemen Caamaño Investments for $11.8 million. The two-story, creative office building is 30% occupied with two tenants and recently received a $1 million renovation. SAN DIEGO—The Burnham-Moores Center for Real Estate, at the University of San Diego, has announced the appointment of five new senior real estate executives to its Policy Advisory Board: Willy Ayyad, Chris Bourassa, Tim Meissner, Heather Riley and Dan Ryan. The PAB provides policy guidance and financial support to the BMC and real estate students at USD. Willy Ayyad is president & CEO of United Development Group (UDGI), and his current portfolio includes 20 communities consisting of 2,463 units in cities throughout California. Chris Bourassa is president of U.S. Construction of the Ledcor Group of Companies, and is responsible for strategic planning and the overall vision for the US construction program. His executive activities include shaping the company’s brand through hands-on involvement with project development, operations, and corporate initiatives; building and maintaining alliances with key industry partners and professionals; and providing leadership to Ledcor’s regional offices throughout the US.  Tim Meissner is principal of Meissner Jacquét Real Estate Services. His firm has been in operation for twenty-five years and manages a billion dollar commercial real estate portfolio in San Diego. Daniel Ryan is executive vice president, regional market director of San Diego, and strategic operations for Alexandria Real Estate Equities, Inc., and is responsible for the management of the Alexandria’s San Diego region asset base and operations. He is involved with developments, redevelopments, ventures, financing, leasing, and other strategic opportunities outside of the San Diego region.

IRVINE, CA—Ware Malcomb has hired Tom Myers to Regional VP in the firm’s Irvine, Calif.-based headquarters office. In this role, Myers will continue to oversee Ware Malcomb’s Commercial Architecture group in addition to becoming a member of the firm’s Executive Team. Myers joined Ware Malcomb in 2004 as a director of commercial architecture in the Irvine office, and was promoted to Principal in 2007. He oversees the Commercial Architecture group, the largest studio within Ware Malcomb, which incorporates office, industrial, retail, restaurant, hospitality, healthcare, science & technology, and government/public projects, as well as international projects in Europe, Asia and the Middle East.


PHOENIX—Riva Ridge Development has purchased CBIZ Plaza, located at 3101 and 3111 N. Central Avenue in Phoenix, from LNR Property Corporation for $26 million. Cushman & Wakefield executive managing director Eric Wichterman and senior director Mike Coover negotiated the sale. The 266,231-square-foot office property is 78% occupied, and consists of a 16-story tower, a two-story low-rise building and a six-level parking structure. The class-B project was constructed in 1980 and is located in the prime stretch along Central Avenue, opposite Park Central Mall, within Phoenix’s Midtown office submarket. The office vacancy rate in the area is currently just over 23%. Midtown houses a total of 80 buildings and an overall asking rate of $22.06 per square foot. Investors and tenants are actively pursuing these office properties because of the attraction towards urban, infill investments and Central Phoenix’s resurgence in residential development, new restaurants and demand for office space.

SAN DIEGO—Renovate America has closed a $200 million credit facility with Bank of America N.A. to support the continued expansion of the HERO Program, the nation’s largest form of Property Assessed Clean Energy (PACE) financing. The credit facility will provide Renovate America with enhanced liquidity and will further diversify the company’s funding profile. Renovate America now has five warehouse lenders in aggregate, up from three last year.

LAS VEGAS—Agora Realty and Management has acquired a 100,856-square-foot grocery-anchored shopping center for $10.2 million. The property is located on 9.26 acres in Las Vegas and is 71% occupied. It also sits at a high traffic intersection at 1941 N. Decatur Blvd. Anchored by Smart & Final the center is also home to Carl’s Jr., Little Caesers Pizza, and Cricket Wireless. Agora is currently under contract with Metro PCS to occupy 1,229 square feet of space.

SAN DIEGO—Developer K&K Veritas LP has secured a $12.7 million in construction financing for the development of Driftwood, a to-be-built class-A mixed-use building with 81 luxury multi-housing units and 3,137 square feet of retail in San Diego’s Point Loma/Midway district. HFF’s senior managing director Aldon Cole, director Bryan Clark and associate director Chris Collins placed the two-year construction loan with Pacific Western Bank. Driftwood will be situated on a two-acre lot at the corner of Kemper and Kenyon in San Diego’s Point Loma/Midway district, a thriving commercial and residential district. The site is currently an empty lot adjacent to the new $18 million West City community college campus, and two major outpatient healthcare facilities, Sharp Healthcare and Kaiser Permanente, are in the vicinity.  Two grocers, a 24-Hour Fitness, Target, Home Depot and Dick’s Sporting Goods are within walking distance from the property, which is two miles from the Liberty Station master-planned community and Ocean Beach. Once completed, Driftwood will consist of stacked flats within a three-story, elevator-serviced building with interior common hallways and stairwells.  Units will feature a full stainless steel appliance package, soft-close drawers, granite or quartz countertops with undermount sinks, stained concrete or ceramic tile floors and carpet in the bedrooms, and most units will have private balconies.  Community amenities include a communal courtyard with hot tub, barbeques, lounge areas and on-grade parking with 109 stalls.

IRVINE, CA—Pendulum Property Partners, a real estate firm that opened seven months ago, has acquired its first property since inception, a 156,305-square-foot office building located at 5 s Canyon in Irvine for $41.67 million. The three-story, Class A office property is located directly between The Market Place and The District, two of Orange County’s preeminent lifestyle retail centers that provide tenants with a wealth of amenities. It is also at the desirable intersection of Jamboree Road and the 261 Toll Road junction, providing convenient transportation access and high visibility.

PHOENIX—BKM Capital Partners has acquired Northwest Business Center, an 11-building multi-tenant light industrial business park totaling 227,603 square feet in Phoenix, Arizona for $17.2 million. This is BKM’s 12th acquisition in the Phoenix metro bringing its holdings to more than 2.1 million square feet in the area, according to Brian Malliet, CEO and Co-Founder of BKM Capital Partners. BKM plans to implement a $3.5 million capital improvement program to the property, according to Brett Turner, Director of Acquisitions at BKM Capital Partners. Planned improvements include a new roof, new parking lot, an improved HVAC system and upgrades to the exterior including, paint, landscaping, and new signage, among others.

SANTA MONICA, CA—1015 3rd St., a 25-unit apartment building in Santa Monica, California, has traded hands for $12 million, or $480,000 per unit. Azzi and Rabbie Banafsheha represented the seller and procured the buyer, which are both private clients. The property is located north of Wilshire Boulevard, a few blocks from the beach and within walking distance of Santa Monica’s Third Street Promenade, a three-block, open-air shopping, dining and entertainment area that is closed to cars. The building is completely composed of one-bedroom/one-bath apartments with hardwood floors. Community amenities include a landscaped courtyard, laundry room and parking area.


CAMARILLO, CA—C&C Development and Orange Housing Development have completed the construction of Adagio Apartments in Camarillo, CA. Adagio is a 60-unit workforce housing property developed on behalf of Comstock Homes to fulfill the city’s inclusionary zoning requirements for Comstock’s master-planned community, Springville elacora. Adagio is a public/private partnership between Comstock Homes, the City of Camarillo’s Planning and Housing staff, C&C, Orange Housing, and KTGY Group architecture and planning.  As part of the joint venture agreement, Comstock Homes also served as the project’s general contractor.

SAN DIEGO—RAR Hospitality has completed its ground-up project and first property in San Marcos, Fairfield Inn & Suites San Diego North/San Marcos. The 60,252 square-foot property jointly developed with Sea Breeze Properties will feature four floors, two meeting spaces and a total of 116 total rooms and suites. Ledcor Group built the property, while JWDA served as architect.

-Kelsi Maree Borland

Daily Brief March 06, 2017 unsubscribe


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