Property Type

Westcore-Hathaway-Dr-Santa-Fe-Springs-CA

Westcore Properties Sells 543,161 SF Los Angeles Industrial Park for $104M

by Amy Works September 10, 2019

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.

September 10, 2019

California Development Healthcare Office Western

BioMed Realty, UC San Diego Open $92M Center for Novel Therapeutics in San Diego

by Amy Works September 10, 2019

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.

September 10, 2019

Arizona Development Healthcare Western

Banner Health Selects NexCore Group to Develop 130,000 SF Health Center in Arizona

by Amy Works September 10, 2019

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.

September 10, 2019

Acquisitions Multifamily Texas

Castle Lanterra Sells 370-Unit Apartment Community in Austin

by Taylor Williams September 10, 2019

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.

September 10, 2019

Acquisitions Office Texas

JLL Negotiates Sale of 150,000 SF Office Building in Houston’s Westchase Area

by Taylor Williams September 10, 2019

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.

September 10, 2019

Loans Multifamily Texas

Greystone Provides $19.5M in Acquisition Financing for Multifamily Asset in Haltom City

by Taylor Williams September 10, 2019

HALTOM CITY, TEXAS — Greystone has provided $19.5 million in Fannie Mae acquisition financing for a 216-unit apartment community in Haltom City, a suburb of Fort Worth. The financing consisted of an $18.2 million Fannie Mae Green Rewards loan and a $1.3 million mezzanine loan to supplement the first mortgage. Both loans are nonrecourse and carry 12-year terms and fixed interest rates. The borrower was not disclosed.

September 10, 2019

Acquisitions Nevada Retail Western

K Corp. Acquires Crossing at Meadowood Square Shopping Center in Reno for $4.4M

by Amy Works September 10, 2019

RENO, NEV. — K Corp. has purchased a portion of retail space at The Crossing at Meadowood Square, a shopping center in Reno. The company acquired the 31,400-square-foot portion for $4.4 million. This transaction completes its ownership of the 63,000-square-foot center, after purchasing 32,000 square feet of space in 2014. The 31,400-square-foot portion is an anchor site currently occupied by Goodwill, which will vacate the space in October. The new owner plans to redevelop the property. Additional tenants include FedEx Office, Subway, Nevada Home Fitness and Animal Emergency. The name of the seller was not released.

September 10, 2019

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $3.6M Sale of Planet Fitness-Occupied Property in Buckeye, Arizona

by Amy Works September 10, 2019

BUCKEYE, ARIZ. — Marcus & Millichap has negotiated the sale of a retail property located at 1341 S. Watson Road in Buckeye. A limited liability company sold the property to an undisclosed buyer for $3.6 million. Planet Fitness occupies the 20,091-square-foot property, which was built this year, on a double-net-leased basis. The tenant just signed a 15-year lease for the property. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.

September 10, 2019

Healthcare Leasing Activity Massachusetts Northeast Office

Bulfinch Negotiates Three Medical Office Leases Totaling 134,816 SF Near Boston

by Alex Patton September 10, 2019

CAMBRIDGE, MASS. — Bulfinch Cos. has negotiated three medical office leases totaling 134,816 square feet in Building 400-500 at the Cambridge Discovery Park (CDP) life sciences development in Cambridge. Arbor Biotechnologies, a genetic research firm, leased 36,171 square feet on the fifth floor. Kintai Therapeutics signed a deal for 72,296 square feet on the third and fourth floors. Simcere Innovation Inc., a medical research and development firm, has inked a lease for 26,349 square feet on the second floor. The three leases bring the building’s occupancy to 88 percent. The full CDP center offers 400,000 square feet of office and lab space across three buildings, which are still under development.

September 10, 2019

Loans Retail Texas

Berkadia Arranges $3.5M CMBS Loan for Shopping Center in Metro Dallas

by Taylor Williams September 10, 2019

GARLAND, TEXAS — Berkadia has arranged a $3.5 million loan for the refinancing of Duck Creek Community Shopping Center, a retail center located at the intersection of North Jupiter Road and East Arapaho Drive in Garland, a northeastern suburb of Dallas. Wells Fargo provided the 10-year loan for the borrower, an affiliate of Dallas-based Retail Plazas Inc. The deal closed on Aug. 20.

September 10, 2019

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