SAN DIEGO — Phase 3 Real Estate Partners has received a $149 million refinancing for Genesis Campus Point, a life science campus in the University Town Center (UTC) submarket of San Diego. Located at 4224 and 4242 Campus Point Court and 10210 Campus Point Drive, the three-building campus features 314,135 square feet of state-of-the-art life science space. Additionally, the campus includes an underground parking facility; an amenity building featuring a fitness center with lap pool, yoga studio, spin studio and showers/lockers; an on-site restaurant; and conference centers. Current tenants include Poseida Therapeutics, MabPlex USA, Heron Therapeutics, Celgene, Tocagen, BioLabs San Diego LLC and AveXis Inc. Tim Wright, Todd Sugimoto and Olga Walsh of HFF arranged the financing for the borrower.
DALLAS — Coworking office firm WeWork will open a 52,000-square-foot location within Victory Park, a 75-acre mixed-use development in Uptown Dallas. Scheduled to open in early 2019, WeWork’s new space will comprise two floors of the Victory Plaza building located at 3090 Olive St. According to the company website, the Victory Park location will be WeWork’s sixth in the DFW metroplex.
SAN JOSE, CALIF. — Equus Capital Partners Ltd. has sold Cityview Plaza, a nine-building, 579,541-square-foot office and retail complex in downtown San Jose. Jay Paul Co., a privately held real estate development firm based in San Francisco, acquired the asset. The 11-acre property sold for $284 million, according to local media reports. Spanning an entire city block, Cityview Plaza is situated across from the Adobe Worldwide Headquarters, and near the planned 8 million-square-foot Google Village. The complex includes 534,036 square feet of office space and 45,505 square feet of retail. In addition, the property includes more than 1,000 parking stalls situated within both a subterranean and structured parking garage. Equus’ equity fund, BPG Investment Partnership VIII & VIIIA, originally acquired Cityview Plaza in 2007 and invested $10 million in capital improvements. The renovation included new entrance points to the complex, landscaping, renovated lobby entries and common area improvements. Equus added on-site amenities including a fitness center, conference center, new restaurants and seating/meeting areas within the property’s central plaza. “We acquired the 67 percent leased Cityview Plaza in 2007 with a particular focus on the rare opportunity to secure a large, well-located mixed-use property in the rapidly evolving downtown San Jose …
Cherry Hill, N.J. — PREIT has signed 1776 to a lease at Cherry Hill Mall, a 1.3 million-square-foot shopping center in Cherry Hill, located nine miles east of Philadelphia. Founded in 2013, 1776 is a public benefit corporation that scouts and funds business startups focused on sectors like education, energy, transportation and financial services. The incubator will occupy more than 11,000 square feet of space at the property for its local member community, which will focus on retail and e-commerce initiatives and will be home to corporate and startup members in the retail and e-commerce industries. This will be the first mall location for 1776, which joins tenants including Nordstrom, Apple, Zara, Hugo Boss, The LEGO Store, The North Face Seasons 52 and Maggiano’s.
PLANO, TEXAS — Dallas-based development firm Heady Investments has broken ground on Headquarters II, a project in Plano that will deliver two 14-story office buildings totaling 450,000 square feet. Designed by O’Brien Architects, the development will be located in the Legacy area and will also feature parking garages and a hotel. The Dallas Morning News reports that the project will have a construction period lasting 19 months.
GRAHAM, TEXAS — Stream Realty Partners has brokered the sale-leaseback of a 44,833-square-foot office/industrial property in Graham, about 90 miles northwest of Fort Worth. Todd Noonan of Stream represented the seller/tenant, Dallas-based digital solutions company SpotSee, in the transaction. The City of Economic Improvement Corp. purchased the property for an undisclosed price.
CHICAGO — Clear Height Properties has acquired a four-property, 522,000-square-foot industrial and office portfolio in suburban Chicago for $30 million. The portfolio includes a 201,800-square-foot office building in Oak Brook as well as more than 320,000 square feet of flex properties in Elmhurst, Bensenville and Willowbrook. The office building was 81 percent leased at the time of acquisition. Clear Height plans to upgrade the amenities, including the fitness center, lobby and conference facilities. The other properties include Elmhurst Metro Court in Elmhurst, Tower Lane Business Park in Bensenville and Willowbrook Court in Willowbrook. Transwestern represented the seller, a private investor.
TUCSON, ARIZ. — Kidder Mathews has arranged the purchase of Desert Sun Medical Center located at 7140 E. Rosewood St. in Tucson. Cypress West Realty Partners acquired the property for $4.4 million. The center features 15,038 square feet of medical office space. The seller was not disclosed. Fletcher Perry and Darren Tappen of Kidder Mathews represented the buyer in the off-market transaction.
NEW YORK CITY — JLL Capital Markets has arranged a $235 million loan for the construction of One Willoughby Square, a 34-story, Class A office tower in downtown Brooklyn. One Willoughby Square will rise 560 feet above the future Willoughby Park, a one-acre public green space on top of a 700-space underground parking garage in Brooklyn’s Tech Triangle. The building will feature column-free floor plates as well as 10-foot windows. The tower is the first ground-up office development in downtown Brooklyn in decades, according to JLL. Aaron Appel, Keith Kurland, Aaron Niedermayer, David Sitt and Eliott Zetioune of JLL arranged the four-year, floating-rate loan through Québec-based Otéra Capital Inc. for borrower JEMB Realty. The planned 462,656-square-foot tower is already 27 percent leased to two tenants: architectural firm NYC School Construction Authority and FXCollaborative, the executive architect of One Willoughby Square. JEMB will seek LEED Silver certification for the project, which is scheduled for completion in 2021. “The lending community was impressed by the experienced sponsorship of this project as well as its quality design, location and preleasing,” says Kurland. “Clearly, One Willoughby is destined to become Brooklyn’s most distinctive and sought-after office address.” — David Cohen
NORTH CHARLESTON, S.C. — Lee & Associates has brokered the $69 million sale of Aviation Business Park, a 342,042-square-foot business park located along Interstate 29 in North Charleston. The property includes seven buildings and is situated on 29 acres. Bob Nuttall and Reid Davis of Lee & Associates arranged the transaction on behalf of the buyer, Greenville Corporate LLC. The seller, Rushmark Properties, was represented internally. Aviation Business Park was developed in 2001 and is home to tenants including DHL, HITT Contracting, Samet Corp., Secure Missions, Centurum and Nolan Transportation.