Manouch Moshayedi – MX3 Ventures $147 Million Sale

The Shoppes at Chino Hills
The Shoppes at Chino Hills.

“We are very pleased with the ultimate outcome of this transaction,” said Manouch Moshayedi of MX3 Ventures. “We purchased the property in early 2010 while it was struggling due to the downturn in the economy. We increased tenancy from high 70 percent occupancy to more than 96 percent today. PMRG meticulously managed and maintained the property.

We have had a great team of people help us grow our portfolio of real estate, and HFF and PMRG have played a key role towards that outcome. We are very grateful to both organizations. We congratulate Dunhill in their acquisition of The Shoppes at Chino Hills.”

HFF marketed the property on behalf of the seller, MX3 Ventures. Dunhill Partners, Inc. purchased the asset. HFF handled the prior sale of this property in 2010 from a bank consortium group led by Bank of America and the current owner.

The Shoppes at Chino Hills was originally developed by Opus West in 2008. Located at 13800-13920 City Center Drive in Chino Hills, the open-air, pedestrian-oriented center is part of a larger master-planned project that includes the Chino Hills Civic Center, Chino Hills City Hall, Chino Hills Police Station and the public library.

The 96-percent-leased property was designed by Altoon + Porter architects and is anchored by Forever 21, H&M, Trader Joe’s, Banana Republic, Victoria’s Secret and Barnes & Noble.

The HFF investment sales team representing the seller was led by Ryan Gallagher and CJ Osbrink with assistance from John Crump and Bryan Ley.

“Dunhill Partners continues to show its commitment to the California commercial real estate market with our acquisition of the beautiful Shoppes at Chino Hills,” said William L. Hutchinson, president of Dunhill Partners.

“We now have more than one million square feet of some of the best retail space in California. With our emphasis on tenant-friendly leasing and management, we hope to continue to attract even more industry forward retailers to the Shoppes at Chino Hills and to the rest of our California portfolio.

We enjoyed working with Ryan and CJ and the rest of HFF as we continue to grow our California presence.”

RIO 100 WINS BARN DOOR TROPHY IN 48TH TRANSPAC

manouch-moshayedi-rioManouch Moshayedi’s Blakewell-White-designed, Kiwi-built Rio 100 sailed across the finish line, sailed by an international pro-am crew of 19 as the first monohull equipped with only manual-powered systems to sail the 2225-mile course in the shortest elapsed time.

Their finish time – at 3:30 PM Hawaii time – was several hours from breaking the current Barn Door record of 6D 19H 44M 28S set by Hap Fauth’s 74-foot Belle Mente back in 2011, but by all accounts this year’s difficult race weather was not favorable to many boats in the fleet, so Moshayedi was still pleased.

“We set out to win this trophy, and did, and it’s not too often that you can achieve these goals in ocean racing,” he said. “The boat and the team were fantastic, and its great to be a part of Transpac history. We look forward to coming back next time and breaking that record.”

Tactician Gavin Brady said he’s been on many successful offshore race teams, but this one was both well-coordinated and congenial, a feat not easy with 19 people, one of the largest crews in the race this year.

first-to-finish

“It sounds like a lot of people, but every one works, and works hard. This is a physical boat and all the effort that it takes trimming sails requires 8 guys at a time on the handles, so we had to have 19. This makes life on board a challenge, especially after a lot of days and the weather getting warmer each day. But everyone got a long really well, this was a great group of guys.”

There was one disturbing aspect of this race that had Brady incensed: trash. “There was so much floating debris out there, its hard to describe or comprehend,” he said. “I’ve never seen anything like it. Maybe because the High was pushed north so we sailed this year into the waters where it is normally, but this is a great tragedy to have so much garbage out there.”

Brady said the team did many evasive maneuvers and once even a back-down to stop the boat and shed the keel of a fishing net.

“We’ve got to as racing sailors let everyone know about this,” he said, “because otherwise no one would believe it.”

Other finishers in the last 24 hours included Paul Stemler’s J/44 Patriot, who in Division 7 is a runner-up in corrected time to Harry Zanville’s Santa Cruz 37 Celerity, who is still leading overall in ORR corrected time scoring; Tracey Obert’s BBY 59-foot ketch Marjorie, the first to finish in Division 8; and Drew Belk’s Beneteau First 40 Precepts II. On the eastern horizon within range of the live 100-mile tracker and due to finish some time tonight or tomorrow morning are the following boats: Dave and Peter Askew’s R/P 74 Wizard, who as ex-Belle Mente still holds the Barn Door record and is currently leading Division 2 in corrected time; Ross Pearlman’sJeanneau 52 Between the Sheets in Division 8; Alex Farrell’s 1D35 Alpha Puppy in Division 7; Joel Young’sBeneteau 523 Transformer in Division 8; Sam and Willie Bell’s Lapworth 50 Westward; and Pat Benz’sGunboat 66 Extreme H2O, the first multihull to finish the race this year.

 

The west coast’s biggest warhorse

sailing-mag

the west coast’s biggest warhorse hugo boss dismasts One of the hottest, sexiest new West Coast boats is also the biggest. Watch out, ecause Rio100 is coming to town — Newport Harbor to be exact. If you followed  he Rolex Sydney Hobart race in December, you probably know that she was one of four 100-footers.

Built by Bakewell-White in 2003, RIO 100 had raced in that event previously in her original 98-ft confi guration, variously named Lahana, Konica Minolta, and Zana.

Early last year, Manouch Moshayedi of Corona del Mar purchased Lahana in Australia and delivered her to Cookson’s Yachts in New Zealand for a complete refit with the goal of creating a boat that would be suitable for and competitive in West Coast ocean racing, and which would qualify for the  trophy.

Manoush Moshayedi is the founder and former CEO and chairman of sTec, Inc., a computer data storage company with locations in Silicon Valley and Southern California. In  2013, the company was bought by Irvine-based West Digital.

When we checked in with him in January, Manoush explained:

“The boat used to have water ballast, and we removed the back half of the boat,  which had all the water ballast, and rebuilt the boat without it and without a canting keel, to qualify for the Barn Door.

So the boat has been purpose-built for the Barn Door. We are also looking to break the monohull record on a boat without the use of stored power. Wild Oats XI is also participating in the Transpac, but that boat has a canting keel, water ballast, DSS lifting boards and all-electric and mechanical winch systems.

This boat will get to Hawaii first, but it certainly is not a monohull in a traditional sense of the word.” Brett Bakewell-White redeveloped and modernized the design of Rio100. A crew of 20-25 people worked on the refit seven days a week for nine months.

She now sports a wider, longer stern, a longer boom and a longer bowsprit. The helm stations were moved aft, and Rio100 is now 6-7 tons lighter than was Lahana. Her winches are all manual.

A new engine was installed with a new lifting prop, and a new lifting keel (from 19 to 14 feet) will facilitate entry into at least some West Coast marinas.

Rio100’s first race was New Zealand’s 230-mile Yates Cup in November, and she won it. Her second race was the 628- mile Rolex Sydney Hobart, which started on Boxing Day, December 26, in Sydney Harbour.

Rio100 performed very well,” said Manouch Moshayedi about the Australian race. “Our primary goals were to get off the start line cleanly and make it to Hobart in one iece. The fact that we were in contention for third place up until a couple of  ours before the finish was icing on the cake.We were still very happy with our fourth-place finish just 11 minutes behind the third-place finisher, Ragamuffin 100, which is a canting-keel boat with water ballast and a much larger sail plan.

The crew saw 35 knots on the nose the first night, triple zeros the next morning, then 35 knots from behind, followed by triple zeros again.

The only low point was when we parked at the head of the Derwent River and waited for Ragamuffin 100, said Moshayedi.

Aboard for the Sydney Hobart were skipper Moshayedi, navigator Peter Isler, tactician Gavin Brady, boat captain Keith Kilpatrick, Jeff Mesaano, Mike Howard, Mike Van Dyke, Mike Pentecost, Mike Mottl, Peter Van Niekerk, Alastair Campbell, Brad Ferrand, Duncan Macleod, Nick Partridge, Steve Kemp, Julian Freeman, Tyler Wolk, Bill Jenkins, Nick Vindin, San Franciscan Joe Penrod, Sean ‘Doogie’ Couvreux and Morgan Gutenkunst. The latter two sailed as youth in the Bay Area.

Gutenkunst had raced with Moshayedi on his TP52 Rio, so when Rio100 was ready to go, he got the call to be one of the lead bowmen. “The Sydney Hobart has always been on my list of races to do,” said Gutenkunst. “The start in Sydney Harbour with all of the boats, media, and spectators was incredible. I also really enjoyed rounding Tasman Island — the cliffs did not disappoint.

“There is so much excitement about the race in Sydney,” said Manoush Moshayedi. “Everyone knew about the race. When you arrive in Hobart, there is a warm welcome from the locals. I had never seen this type of a reception around a sailboat race.” Rio100 has been pulled apart again for loading onto a ship bound from Sydney to San Pedro. The boat will live on its cradle at the Windward yard in Marina del Rey.