SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Sprague & Sullivan Storage, a self-storage facility located in Spokane Valley. Dean and Elizabeth Grafos sold the asset for an undisclosed price. The name of the buyer was not released. Thomas Parsons and Adam Schlosser of The LaClaire Group of Marcus & Millichap represented the sellers in the transaction. The 126,710-square-foot facility offers drive-up self-storage units, outside uncovered boat/RV parking, Budget truck rentals and portable metal containers for off-site rental.
MESA, ARIZ. — HJ Sims has provided $5.1 million in mezzanine financing for Madison Realty Cos. The funds are part of a financing package that will fund an expansion project at Heritage Village Assisted Living in Mesa. Madison acquired the property in 2017. The property currently features six assisted living and memory care homes and a medical building, though the actual number of units was not disclosed. SAL Management Group operates the community. The planned expansion will add two more assisted living and memory care buildings. Sims partnered with a bank to propose a high-leverage financing solution to fund the expansion and recapitalize existing debt, with the bank providing the first-mortgage loan.
BEIJING — China-based Anbang Insurance Group Co. has agreed to sell a luxury U.S. hotel portfolio for more than $5.8 billion, according to several media outlets. Mirae Asset Global Investments, part of a South Korean financial services company, has agreed to acquire the 15 properties. The portfolio includes high-end hotels such as Essex House in Manhattan, Westin St. Francis in San Francisco and InterContinental hotels in Chicago and Miami. Anbang acquired the hotels in 2016 by purchasing then-owner Strategic Hotels & Resorts Inc. from Blackstone Group for approximately $6.5 billion. Anbang was making major waves that year, during which it also severely complicated Marriott International’s attempt to acquire Starwood Hotels & Resorts Worldwide. Anbang started a bidding war that increased the final offer by nearly $2 billion before Anbang backed out. At the time, Chinese insurers and other investors were scooping up U.S. real estate, taking advantage of new rules enabling them to invest more easily abroad, according to the Wall Street Journal. That era ended when Chinese authorities seized control of Anbang and later sentenced Chairman Wu Xiaohui to 18 years in prison. He was convicted by a Chinese court for orchestrating a $12 billion fraud. In readying the …
Robust employment and population growth are fueling Philadelphia’s renaissance and propelling the region’s office sector to new heights. The lack of new office construction over the past decade has driven rents to record levels and is creating value-add acquisition opportunities throughout the region. With a tight labor market and talent acquisition at a premium, companies want to lease state-of-the-art workspaces that attract future employees. Key features of these spaces include access to public transit and surrounding retail and restaurant options. Limited availabilities within this product type are driving rents for quality space, as well as the development pipeline for new office buildings. However, after years of little construction, several proposed office buildings in both downtown and the suburbs are close to breaking ground and creating the next crop of new office inventory for the region. Record Rents In the second quarter of 2019, average asking rents for office properties in downtown Philadelphia hit a record $31.33 per square foot, a 20 percent increase over the past five years. This growth has been driven by out-of-town investors acquiring buildings and raising rents, as well as by growing demand for downtown office space, both from new in-bound demand and organic growth from …
DALLAS — When developing multifamily product in a market that has added more than 20,000 new units in each of the past three years, distinguishing a community from its peers isn’t just important — it’s essential. According to data from CoStar Group, the Dallas-Fort Worth (DFW) metroplex added approximately 70,000 multifamily units between 2016 and 2018. The market has also absorbed more than 25,000 units over the last 12 months, a period in which only about 23,000 apartments were delivered. Vacancy currently sits at 7.5 percent. A panel of developers at the eighth annual InterFace Multifamily Texas conference discussed best practices for differentiating a property in a market that is not only teeming with new supply, but also home to segments of sophisticated renters. Held on Sept. 5 at the Westin Galleria hotel in Dallas, the event drew more than 225 attendees. Drew Kile, senior vice president at Institutional Property Advisors, a division of Marcus & Millichap, moderated the panel. Cultivating A Story Whether by the inclusion of an unusual amenity, the delivery of distinct unit mix that is perfectly targeted to the surrounding demographic or the ascription of a unique story behind the project, multifamily developers in DFW simply …
SANTA FE SPRINGS, CALIF. — Westcore Properties has completed the sale of Los Angeles Industrial Park, a multi-tenant industrial park in Santa Fe Springs. PS Business Parks acquired the fully leased, 10-building asset for $104 million. Darla Longo, Barbara Perrier and Eric Cox of CBRE represented the seller in the deal. Totaling more than 27 acres, the 543,161-square-foot office park includes properties at 11811-11831, 11947, 11975 E. Florence Ave. and 10510, 10513, 10545, 10551, 10604, 10631, 10637 and 10702 Hathaway Drive in Santa Fe Springs.
SAN DIEGO — BioMed Realty, a Blackstone portfolio company, and the University of California San Diego (UC San Diego) have opened the Center for Novel Therapeutics (CNT) on the UC San Diego Science Research Park campus. The 137,000-square-foot research hub leverages the strength of UC San Diego Moores Cancer Center with private sector companies looking to translate research into helping cancer patients worldwide. The development represents a $92 million investment by BioMed Realty. CNT is San Diego’s newest dedicated oncology research center with best-in-class facilities to advance life-changing treatments for cancer patients. Additionally, the facility includes the first academic-industry drug discovery incubator site in San Diego. CNT will continue UC San Diego’s “bench to bedside” approach, the transition of research from the laboratory space into the clinic and to patients through the promotion of new therapies. BioMed Realty designed the project with UC San Diego to include high-efficiency water-cooled central cooling, LED energy efficient light fixtures and photo-voltaic solar panels in the roof of the atrium and other parts of the building. Due to the project’s design, the facility was awarded LEED Gold certification.
GLENDALE, ARIZ. — Arizona-based Banner Health has selected NexCore Group, a national healthcare real estate firm, to develop its newest multi-specialty health center. Situated on 17.5 acres within the Aspera mixed-use development in Glendale, Banner Health Center will feature 130,000 square feet of medical office space. The three-story facility will offer clinical services including family medicine, pediatrics, orthopedics, general surgery, dermatology, gastroenterology, cardiology, endocrinology, internal medicine and OB/GYN, as well as lab, pharmacy and imaging services. Groundbreaking is slated for January, with a grand opening scheduled for early 2021.
AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties (CLP) has sold Array, a 370-unit apartment community located in the East Riverside area of Austin. The 14-acre property was originally constructed in 1973 and then completely renovated in 2013. Floor plans include one-, two- and three-bedroom apartments in 40 two-story residential buildings. Array features amenities such as two pools, two dog parks, a fully equipped fitness center with an elevated spinning room and yoga room, an outdoor sports court and a resident lounge. CLP acquired the asset in 2016 for $38.5 million before executing a value-add program.
HOUSTON — JLL has negotiated the sale of Westchase Place, a 150,000-square-foot office building located at 11200 Richmond Ave. in Houston. The property, which includes a three-level parking garage, was built in 1999 and renovated in 2009 and 2013. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented the seller, CAPSTAR Real Estate Advisors, in the transaction. Fuller Westchase Place Ltd., an entity affiliated with locally based Fuller Realty Partners, purchased the property for an undisclosed price.