RENO, NEV. – Dermody Properties/DP Partners has hired Douglas A. Kiersey, Jr. as its new president. The 27-year industry veteran will oversee the company's nationwide capital, acquisition, development and property management efforts. He will also chair the company's executive committee. Prior to joining Dermody, Kiersey had worked for ProLogis for 17 years.
Western
LOVELAND, COLO. – NorthMarq’s Denver regional office has arranged $7.3 million in construction financing for Seven Lakes Memory Center in Loveland. Seven Lakes will be a 48-unit, 25,398-square-foot facility that provides assistant to those with Alzheimer’s disease and other forms of dementia. Future phases may include independent senior and assisted living facilities that would reside on-site in a separate building. NorthMarq’s Paul Bruder, senior vice president, and Chris Williams, senior investment analyst, arranged the financing for the borrower, Frontier Management LLC.
IRVINE, CALIF. – Western Realco LLC has purchased a 13-acre industrial property in Irvine for more than $19 million. The single-story, 183,000-square-foot property is located inside the Irvine Business Complex. It was last renovated in 2000, and is currently 97 percent leased. Grubb & Ellis' Gary Allen, senior vice president of the industrial group, and Robert Griffith, senior vice president of investment services, worked with Voit Real Estate Services to represent Western Realco in the transaction.
PHOENIX – CareCentrix, a benefit management company that specializes in home healthcare services, has leased 18,254 square feet at Squaw Peak Corporate Center. Squaw Peak is a two-building, four-story office complex in Phoenix. The new lease will allow CareCentrix to expand its operation once it relocates this fall. CBRE's Jerry Noble, Pat Devine and Greg Mayer represented Squaw Peak's landlord, Parkway Properties. JLL's Greg Bast represented CareCentrix. Exact terms of the lease were not disclosed.
EL SEGUNDO, CALIF. – The Admiral Capital Real Estate Fund, which is a partnership between USAA Real Estate Company and Admiral Capital Group, has purchased a 119,626-square-foot office building in El Segundo for an undisclosed sum. The fund is targeting value-add opportunities in major markets across the U.S. Its ideal transaction size is $25 million to $100 million.
LOS ANGELES — Charles Dunn Company has completed the sale of an 18-unit multifamily property in Los Angeles for $4.42 million. The property, located at 817 Wilcox Ave., was built in 2004. Charles Dunn's Michel Hibbert represented the buyer, 821 Wilcox Avenue, LLC. KW Commercial's David Meir represented the seller, 813 Wilcox LLC.
NORTH HOLLYWOOD, CALIF. — Hendricks & Partners has sold the 48-unit NoHo Morrison Lofts in North Hollywood to an unnamed buyer for $8.85 million. It was purchased at a sub-5-percent cap rate with upside in the rents. The seller, Province Group, INC/Legacy Homes at Palisades, LLC, was represented by Hendricks & Partners' Melinda Russell.
SCOTTSDALE, ARIZ. — MIG Real Estate has purchased Scottsdale Centre, a Class A office property that contains five two-story buildings and 164,300 square feet of space. Though terms of the sale were not disclosed, the previous owner had recently completed a $5.1-million property renovation. Jones Lang LaSalle's Don Mudd and John Bonnell represented the seller in the transaction. MIG Real Estate represented itself.
ALISO VIEJO, CALIF. — GPS and location-based software developer Telogis is relocating its world headquarters to 20 Enterprise Drive inside Aliso Viejo's Summit Office Campus. Telogis is relocating from 85 Enterprise Drive, which is also in the Summit Office Campus. The move, which will provide Telogis with 26,000 square feet of first generation space, should be complete this November. The firm was represented by UGL Services' vice president Drew Netherton, senior vice president Justin Hodgdon and senior associate Chris Houston, who are all out of UGL's Orange County office. Jake Stickel, first vice president in the Newport Beach office of CB Richard Ellis, represented Summit Office Campus' ownership group, Parker Properties.
SCOTTSDALE, ARIZ. – Concord Eastridge has purchased a 2.89-acre lot in Downtown Phoenix, where the firm plans to develop multi-unit residential properties along with retail and restaurant spaces. The firm hopes these 300 or so units will supply more student and workforce housing to the downtown area. Concord paid $3.1 million to ML Manager for the lot. Construction on the new mixed-use center is scheduled to begin in the first quarter of 2012, with an anticipated completion date of July 2013. Construction costs are estimated at $38 million.