RANCHO SANTA FE, CALIF. — Meriwether Cos. has acquired Morgan Run Club & Resort in the San Diego suburb of Rancho Santa Fe. The company plans to invest more than $25 million in renovating the resort and private club, including its racquet sports, golf, dining and hotel components. The renovation is scheduled over the next two to three years. The construction will occur in phases, allowing the resort to remain open. Planned enhancements include upgrades to the common areas in the dining, banquet and fitness spaces of the clubhouse; converting the existing spa into a communal recovery area; investments in the golf course irrigation, bunkering and re-grassing; construction of a new pool and casual dining outlet; renovation of the racquet sports area including the tennis, pickleball and sports courts; and an improved pool. The hotel will be completely revitalized with upscale exterior and interior room renovations, along with new management and operations.
COSTA MESA, CALIF. — Hendy has completed the design of a 39,650-square-foot headquarters for outdoor apparel and gear brand 5.11 Tactical in Costa Mesa, approximately 40 miles southeast of Los Angeles. Finalized in less than 12 months from kickoff to buildout, the interior architecture integrates the apparel brand’s distinctive product materials, textiles and gear into the design. The project team included representatives from JLL, RAM Construction, Millpro USA, Impact Visual Arts and SOURCE Creative Office Interiors.
VISALIA, CALIF. — Montecito Medical has acquired a 32,300-square-foot medical office property in the San Joaquin Valley city of Visalia. The property, located on the campus of Kaweah Delta Medical Center, is fully leased by Kaweah Health. Founded in 1963, Kaweah Health operates the largest healthcare facility in the county and works with more than 5,200 medical professionals across its eight campuses. The acquisition aligns with Montecito Medical’s focus on acquiring medical office properties nationwide.
OAKLAND, CALIF. — CBRE has arranged two lease extensions totaling 10,000 square feet at the Rotunda Building in Oakland. The extending tenants include East Bay Endoscopy Surgery Center, an outpatient endoscopic facility specializing in gastroenterology, and East Bay Center for Digestive Health, a provider of comprehensive gastroenterology and hepatology services. Rubicon Point Partners owns the 300,000-square-foot office and retail building, and is currently underway on upgrades to building systems, common areas and tenant amenities. CBRE’s Andy Schmitt, Trent Holsman and Alex Robertson represented the landlord. Michael Sharapata of JLL represented East Bay Endoscopy Surgery Center, while Russel Gallaway of Gallaway Commercial represented East Bay Center for Digestive Health.
LAKEVILLE, MASS. — Marcus & Millichap has brokered the sale of Community Square Storage, a 496-unit self-storage facility located about 35 miles south of Boston in Lakeville. Built on 3.3 acres in 2022, the three-story facility spans 53,462 net rentable square feet across 436 climate-controlled units and 60 non-climate-controlled units. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also not disclosed. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.
NORTH BRUNSWICK, N.J. — JLL has arranged a $47 million loan for the refinancing of Amaranth at North Brunswick, a 222-unit active adult community in Northern New Jersey. The newly constructed, age-restricted property features one- and two-bedroom units and amenities such as a pool, dog park, fitness center, package room, outdoor grilling and dining stations, putting green and a demonstration kitchen. Michael Klein, Matthew Pizzolato and Michael Meisner of JLL arranged the seven-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, The Kaplan Cos.
YONKERS, N.Y. — First Citizens Bank has provided a $42.2 million construction loan for a film production studio in Yonkers, located north of New York City, that will be operated by MediaPro US, a Spanish language programming company. A joint venture between National Resources and Great Point Media is developing the 112,400-square-foot facility, which will house studio, office and warehouse space. A construction timeline was not disclosed.
— By John Ransom, Senior Vice President and Principal, Colliers — Albuquerque MSA office users continue to closely evaluate real estate decisions post-pandemic. The leasing trend is pivoting toward quality properties with landlords upgrading their building systems, security and amenity offerings. Tenant improvement costs are central to lease negotiations, so matching a tenant with space that requires the least amount of renovations to meet their needs is critical for both the tenant and the landlord to make a deal. In any event, tenants often have to share in the TI costs with upfront capital or amortizing a portion of the construction expense into the rental rate. This leads to longer lease terms and additional lease securitization requirements. Beneficial occupancy and other creative incentives are also being offered by landlords in lieu of additional tenant improvement dollars. Companies looking to downsize are considering a trade up in building/space quality. The upgrade has little impact to overall real estate expense, while improving the working conditions for their employees and ability to recruit in a competitive hiring climate. The office vacancy rate has steadily decreased to about 12 percent from a high of 20 percent five years ago. The bulk of vacancies are …
FORT LAUDERDALE, FLA. — A partnership between PMG, a development and investment firm with offices in New York City and Miami, and Toronto-based private equity firm Greybrook has received a $226 million construction loan for a high-rise apartment tower in downtown Fort Lauderdale. Related Fund Management and Lubert-Adler provided the financing to the developers. Located at 140 S.W. 2nd St., the 42-story building represents Phase II of Society Las Olas, the first phase of which opened in May 2020 and sold in 2021. Phase I’s retail component, which spans 17,000 square feet, was sold separately to PMG and Greybrook in early 2022 for $17 million. Phase II of Society Las Olas will add 563 new luxury apartments to the local supply, as well as 1,652 square feet of ground-floor retail space. Units will comprise apartments with traditional rental arrangements as well as co-living/rent-by-bedroom options. Amenities will include a coworking lab with private meeting rooms, pool deck, yoga lawn and a modern fitness center. Residents will have access to a proprietary mobile app that will enable keyless entry and allow residents to manage guest lists, adjust smart thermostats, send notifications about packages, manage payments, request maintenance and register for community events. …
BATON ROUGE, LA. — Athens, Ga.-based Landmark Properties has acquired The Lodges at 777, a student housing community located in Baton Rouge, roughly two miles from Louisiana State University (LSU). Constructed in 2011, the property comprises 1,290 beds across 382 units. Amenities at the community, which was 100 percent preleased for the fall 2023 term at the time of sale, include a swimming pool, clubhouse and fitness center. The seller and sales price were not disclosed.