Longfellow Buys Nine Office Assets in San Diego for $315.4M, Plans Conversion to Life Sciences Campus

SAN DIEGO, CALIF. — Longfellow Real Estate Partners has acquired Luskin Business Park, a nine-property office portfolio totaling 371,281 square feet in San Diego. The sales price was $315.4 million. Longfellow plans to convert the assets into a massive life sciences campus.The properties are located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd. and 10225 Barnes Canyon Road in the Sorrento Mesa submarket, a part of San Diego that is home to major corporations and has a …

Norvin Healthcare Properties Purchases 60,000 SF Post-Acute Facility in Golden, Colorado

GOLDEN, COLO. — Norvin Healthcare Properties has acquired Post Acute Medical Rehabilitation Hospital of Golden from Golden Senior Housing I Propco LLC for an undisclosed price.Post Acute Medical (PAM) occupies the 60,000-square-foot in-patient rehabilitation facility, located at 600 Golden Ridge Road. PAM is currently completing a $4.2 million renovation of the building, which will expand the capacity of the facility to 60 rehabilitation beds.Chris Bodnar, Lee Asher, Ryan Lindsley and …

Falling in Love: A New Way to Think About Commercial Real Estate

By Spencer Levy, CBREIn the wake of COVID-19, many sophisticated commercial real estate advisors and investors are rejecting the old industry adage to “never fall in love with your real estate.”That’s because commercial real estate — like so many investment decisions — is influenced by basic human emotions. And unlike stocks or bonds, office buildings, shopping malls and warehouse facilities are not traded like a commodity.[caption id="attachment_303306" align="alignleft" …

Feil Organization Negotiates 24,814 SF Life Sciences Lease in Manhattan

NEW YORK CITY — The Feil Organization has negotiated a 24,814-square-foot life sciences lease at Seven Penn Plaza, a 411,000-square-foot building located adjacent to Madison Square Garden in Manhattan’s Chelsea neighborhood. The lease term is 10 years. David Turino handled lease negotiations on an internal basis for The Feil Organization, which owns and manages the building. Eva Shih of T3 Advisors represented the tenant, SOSV, a venture capital firm that runs the IndieBio development …

Emerging Trends 2022 Report: Flexibility, Resilience to Drive Commercial Real Estate for Next Decade

WASHINGTON, D.C. — Flexibility, convenience and ultimately commercial real estate’s resilience will drive the industry over the next decade as owners respond to and recover from the COVID-19 pandemic.That’s according to Emerging Trends in Real Estate 2022, an annual report jointly produced by PwC US and the Urban Land Institute (ULI). The report includes proprietary data and insights from nearly 1,700 leading real estate industry experts, gathered both through in-person interviews and …

Orlando Retail Market Experiencing Record Investor Demand and Pricing

As COVID-19 took hold in early 2020, the Orlando retail market only saw a modest dip in fundamentals where metro-wide rental rates fell by 5 percent and occupancy dropped 100 basis points during the second and third quarters. Beginning in the fourth quarter of 2020, rental and occupancy rates began an extraordinarily strong comeback, climbing 12 percent and 140 basis points, respectively, from the COVID-19 lows.According to data from CoStar Group, the metro’s average rental rate of …

JLL Income Property Trust Acquires Two Life Sciences Properties in Durham for $67M

DURHAM, N.C. — JLL Income Property Trust has acquired 5 & 47 National Way, two life sciences properties located in Durham. The sales price was approximately $67 million. The seller was not disclosed.Built in 2020, the properties total 375,000 square feet and are fully leased to life sciences tenants, such as KBI BioPharma and Taysha Gene Therapies. The tenants have invested a combined $180 million in property upgrades that include laboratory, clean and cold rooms, specialized …

JLL Arranges Sale, Financing of Life Sciences Portfolio in Skokie, Illinois

SKOKIE, ILL. — JLL Capital Markets has arranged the sale and financing of a two-building life sciences portfolio within The Illinois Science + Technology Park in Skokie, about 15 miles north of downtown Chicago. The portfolio spans 286,184 rentable square feet and is home to global life sciences brands and university-affiliated, venture-backed startups. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Nick Psyllos of JLL represented the seller, American Landmark …

Iovance Biotherapeutics Opens 136,000 SF Life Sciences Facility at Philadelphia Navy Yard

PHILADELPHIA — Iovance Biotherapeutics Inc. (NASDAQ: IOVA) has opened a 136,000-square-foot life sciences facility at the Philadelphia Navy Yard, where the biomanufacturing firm will produce T cell-based immunotherapies for cancer patients. Gattuso Development Partners developed the facility, which is located within an opportunity zone, and CRB provided design and construction

Partnership Breaks Ground on 270,000 SF Life Sciences Building in Houston

HOUSTON — A partnership between Chicago-based investment firm Harrison Street, 2ML Real Estate Interests and local developer Hines has broken ground on a 270,000-square-foot life sciences building in Houston. The building, which represents the first phase of the Levit Green mixed-use development, is located on a 53-acre site adjacent to Texas Medical Center. Additional uses at Levit Green will include retail, residential and office space. DE Harvey Builders is the general contractor for the …

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