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California People & Company News for Oct. 6, 2023
- Los Angeles-based Wedbush Securities, one of the nation’s leading independent diversified financial services providers, appointed equity research analysts Richard Anderson and Jay Kornreich as managing director and VP, respectively. They will initiate coverage on 30 names in the REIT sector, expanding the firm into a variety of subsectors within the space including office, industrial, multifamily, healthcare, hotels, gaming and ground leases. This launch of coverage bolsters the firm’s award-winning equity research team and scope.
- Prado Group, a privately held real estate investment and development management company, announced the appointment of Allie Stein as director of development & special projects. She will play a pivotal role in shaping and optimizing Prado’s development and value-add redevelopment strategies. Stein will also help spearhead Prado’s 10.3 acre mixed-use residential project at 3333 California Street in San Francisco. Stein’s track record before joining Prado included overseeing the acquisition, entitlement, design, and capitalization of several projects, most recently as a director at Hines.
- BioMed Realty appointed Marie Lewis as EVP and general counsel. Lewis joined the company in 2013 as managing attorney for the real estate legal department. In her new role, she will be responsible for the company’s legal, integration and communications functions.
- Closed Escrow, a residential and commercial escrow company based in Los Angeles, hired Marcine Kline as VP and senior escrow officer. In addition to her full-service real estate escrow offerings, Kline also specializes in probate, trust sales, conservatorship, and both court and independent administration of Estate Act transactions.
- City Wide Facility Solutions has opened its newest location in California, making it the 11th to serve the state. The new office in Oakland will serve commercial properties in the East Bay Area of Alameda County and Contra Costa County.
- Alexandria Real Estate Equities, Inc. said that S&P Global Ratings has reaffirmed the company’s strong credit rating of BBB+ with a positive outlook. The reaffirmed credit rating was driven by strong long-term life science fundamentals that fuel continued demand for Alexandria’s asset base; a high-quality and diverse client base that supports the company’s growing revenues, stable cash flows and strong margins; its favorable triple-net lease structure with annual rent escalations for 96% of its leases; and a track record of consistently strong operating performance. Separately, the REIT announced that Moody’s Investors Service has affirmed the company’s credit ratings, including its issuer and senior unsecured debt ratings, of Baa1.
- Qualia, a San Francisco-based digital real estate closing platform, announced the release of its newest product, Qualia Shield. Qualia Shield is a funding and disbursement product for title and escrow companies who want help in their efforts to simplify their accounting processes and protect their business against fraud. Marquee features of Shield include earnest money deposit (EMD) collection, automated wire matching, wire-sending integrations, wire fraud detection and seller ID verification.
- Gallaher Senior Living and WellQuest Living formed a partnership with the appointment of WellQuest Living as the new management company for three senior living communities under Gallaher’s banner: Santianna, an independent and assisted living community located in Carlsbad; Vienna at Santianna, an adjacent memory care community; and Laurel Heights in Moorpark, offering both assisted living and memory care.
- Interdisciplinary design firm HGA completed its acquisition of brick., a 25-person architecture firm based in Oakland. brick.—now HGA Oakland—will remain in its downtown office located at 405 14th St. and will maintain a continued focus on designing complex urban infill, mixed-use, community and other developer-led projects in regional urban cores. The acquisition further strengthens HGA’s established Bay Area practice and expands its overall California presence.
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