SAN DIEGO — Anchor Health Properties has obtained a $68 million loan to purchase a San Diego medical office building portfolio. The portfolio contains a total of 206,000 square feet in the La Jolla/UTC submarket. The acquisition includes the two-building Chancellor Park Medical Campus, which is situated near the UC San Diego Jacobs Medical Center and Scripps Memorial Hospital La Jolla. The properties were built in 1988 as traditional office buildings before they were converted into medical uses. The properties are 94 percent occupied. UC San Diego Health currently leases 44 percent of the buildings, which form the largest outpatient medical campus in UTC and one of the larger outpatient medical campuses in Southern California. The funding will also support future tenant improvements and leasing commissions for the properties. Capital One provided the funds.
SAN DIEGO — Berkadia has secured $29 million in financing for Pinnacle Medical Office in San Diego. The office is located at 10670-10672 Wexford St. in the Scripps Ranch submarket. The property provides services like primary care, wellness exams, treadmill stress testing, annual physicals, sports and camp physicals, full laboratory testing, vaccinations and pre-operative clearance. The 10-year, fixed-rate loan features interest-only payments for the full term and features a 4.3 percent interest rate through Wells Fargo. The borrower was LP Scripps Lot 1 LLC.
SAN FRANCISCO — Shorenstein Co. has purchased an 89,904-square-foot creative office building in the San Francisco submarket of North Waterfront-Jackson Square for an undisclosed sum. The building is located at 901 Battery St. The Swig Company and Medley Partners purchased the asset in December 2012. The JV immediately executed a capital investment program designed to reposition the four-story building as an institutional-quality asset in a submarket growing in popularity with creative tenants. The team recently completed lobby and façade renovations, and upgrades to each tenant floor. The renovated building features large, open floorplates, natural light and high ceilings. NKF’s Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee represented the sellers in this transaction.
HOUSTON — NAI Partners has arranged the sale of an 8,000-square-foot office/warehouse property located at 8715 Fallbrook Drive in Houston. Built in 2006, the property features 20-foot clear heights and 1.13 parking spaces per 1,000 square feet. Trey Martin of NAI represented the buyer, HCM Development LLC, in the transaction. Steve Adkisson of Adkisson Group represented the seller, 8715 Fallbrook LLC.
NORWALK, CONN. — Marcus Partners has completed the disposition of Cross Street Medical Center, located at 40 Cross St. in Norwalk. Anchor Health Properties acquired the property for $23 million. Norwalk Surgery Center/Norwalk Hospital, St. Vincent’s MultiSpecialty Group, WestMed (formerly Norwalk Medical Group) and the Center for Advanced Pediatrics anchor the 71,401-square-foot building. Frank Nelson, Michael Greeley and Danielle DeMarco of Newmark Knight Frank represented the seller in the deal.
BETHLEHEM, PA. — Cronheim Mortgage has secured $117.5 million in permanent and construction financing for Madison Farms, a mixed-use development in Bethlehem, located north of Philadelphia and west of New York City. The development, upon completion, will feature 152,000 square feet of retail anchored by a 67,400-square-foot ShopRite; a two-story, Class A medical office building occupied by the Lehigh Valley Health Network; and 570 luxury one- and two-bedroom residential units across 15 buildings. Tenants at the property’s retail center include Starbucks Coffee, Chipotle Mexican Grill, Provident Bank, Pure Barre, Pet Valu and Supercuts. The residential property features a 6,500-square-foot clubhouse with a billiards room, multimedia center, fitness center, golf simulator and business center, as well as an outdoor deck with a pool, barbecues and fire pits. The financing — provided by American General Life Insurance Co. — consists of two separate loans placed on behalf of Madison Farms Retail and Madison Farms Residential with 20-year terms and 30-year amortization schedules. For Madison Farms Retail, Cronheim arranged $32 million in permanent financing. For Madison Farms Residential, the company secured an $85.5 million credit facility with two years of interest-only payments. This loan provides permanent financing for the 294-unit first phase of residential development, …
HOUSTON — It’s much too soon to know the extent of the damage Hurricane Irma has inflicted on Florida and the Southeast, but a clearer view is starting to emerge with regard to the total impact that Hurricane Harvey has had on the Houston commercial real estate market. Hurricane Harvey, a Category 4 storm that made landfall on Aug. 25 near Rockport, Texas, was the strongest storm to hit the Texas Gulf region since 1961, according to CBRE Research. The hurricane dumped more than 50 inches of rain across the region in a matter of days and caused extensive property damage due to flooding. Moody’s Analytics estimates that the hurricane caused anywhere from $81 billion to $108 billion in property damage and economic loss, including the closing of Port Houston and many oil and gas refineries. If these estimates are correct, this would make it the second costliest natural disaster in the history of the United States, only trailing Hurricane Katrina in 2005. Just a few weeks later, Hurricane Irma became the first Category 4 storm to make landfall in Florida since 2004. In its wake, the hurricane has caused severe damage in Miami, the Florida Keys and Naples, as …
AUSTIN, TEXAS — Austin resident Michael Ayer will develop Davenport 360, a 33,911-square-foot, Class A office property that will be located at 6001 Bold Ruler Way along Capital of Texas Highway in Austin. The property will be situated near local retail and restaurant options and offer employees a three-level parking garage. The developer plans to break ground as soon as the property is 50 percent pre-leased, according to the Austin Business Journal. Cushman & Wakefield is handling pre-leasing of the property.
CHICAGO — Marcus & Millichap will expand its downtown Chicago office by 6,000 square feet. Located at 333 W. Wacker Drive, the downtown office will support more than 80 sales professionals, originators and staff with three managers. Previously, the downtown location had 47 agents and staff members. The firm is also expanding personnel in its Oak Brook office, located at One Mid-America Plaza. The Oak Brook office is expanding from 34 agents and staff to approximately 45 employees in order to support more rapid suburban market penetration, according to Marcus & Millichap.
THE WOODLANDS, TEXAS — Newcor Commercial Real Estate has negotiated an office lease renewal on behalf of law firm Cooper Hart Leggerio & Whitehead PLLC. The firm will continue to occupy 15,836 square feet at 2202 Timberloch Place in The Woodlands. Rob Banzhaf and Ryan Dierker of Newcor represented the tenant in the lease negotiations. Lisa Hughes of The J. Beard Real Estate Co. represented the landlord, Timberloch Inc.