SAN RAFAEL, CALIF. — BioMarin Pharmaceutical has acquired San Rafael Corporate Center, a 315,000-square-foot office campus in the city’s downtown region, for $116 million. The campus is located on Lindaro Street. The acquisition includes 5.5 acres of land for future development. The site is approved for a total of 406,000 square feet of buildings, including one new 89,000-square-foot office building and a 600-car parking structure. BioMarin currently occupies about 40 percent of the corporate center. The pharmaceutical company was represented by Colliers International. The sellers, Seagate Properties and its institutional investors, acquired the property in August 2007. They were represented by Eastdil Secured in this transaction. Seagate was also advised by advised by J.P. Morgan Asset Management.
Property Type
LOUISVILLE, COLO. — AEW Capital Management has purchased the Balfour Senior Housing Portfolio for a reported $103.8 million. The portfolio features three Class A properties in Louisville that contain a total of 296 units. The Lodge, The Residences and the Balfour Retirement Community are situated on the east side of Colorado Highway 42 along Hecla Drive. The Lodge and The Residences are independent living communities, while the Balfour Retirement Community offers assisted living and skilled nursing. AEW acquired the property on behalf of AEW Senior Housing Investors II, L.P. Balfour was represented by HFF’s Ryan Maconachy, Chad Lavender and Campbell Roche. The team also arranged the acquisition financing for AEW through Cornerstone Real Estate Advisers. Balfour will continue to manage the community.
PORTLAND, ORE. – The 293-unit Russellville Park retirement community in Portland has received $49.3 million in financing. The senior housing community is located at 20 SE 103rd Ave. It contains 186 independent living, 91 assisted living and 16 memory care units. The average occupancy is 95 percent. Russellville Park features two buildings. Russellville East was built in 2004. The facility has undergone two major renovations, which added a new dining room, front lobby and wine bar. Russellville West was built in 2009. Russellville Park is managed and partially owned by Leisure Care Retirement Communities. The 10-year, fixed-rate loan contains a 30-year amortization schedule and a 75 percent loan-to-value ratio. It was arranged by Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group.
PULLMAN, WASH. — MJW Investments has acquired the 405-bed Terre View Crossing student housing community near Washington State University in Pullman. It is located at 1540 NE Merman Drive. The acquisition was completed in partnership with MHE Enterprises through a $200-million student housing value-add fund. The fund is looking for B- and C-level assets that are within walking distance of college campuses. Terre View Crossing has been rebranded as Cougar Ridge. The partners may also add a retail component to the community, in addition to more residential units and common-area upgrades.
PHOENIX — CFA Cabinetry has signed a five-year lease for a 63,840-square-foot warehouse and distribution facility in Phoenix. The new space will be located at 420 S. 53rd Ave. The kitchen and bathroom cabinetry wholesaler will be relocating from its 32,000-square-foot space at 1725 E. Williams Road in Deer Valley. CFA was represented by Keri AmRhein-Scott and John Grady of Cushman & Wakefield. The landlord, Overton Moore Properties, was represented by Stein Ross of Lee & Associates.
ATLANTA — Behringer Harvard Multifamily REIT I Inc. has announced the beginning of construction for Cyan on Peachtree, a 329-unit multifamily community located at 3380 Peachtree Road in Atlanta’s Buckhead market. The 23-story tower, located one block from the Buckhead MARTA station, will include an adjacent seven-level parking garage upon completion. The REIT provided equity capital for the construction, along with Mongram Residential Master Partnership I LP, a joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund. The new community has begun construction and is expected to open for residents in the second quarter of 2015. An affiliate of Atlanta-based Atlantic Realty Partners will develop the project, and Birmingham, Ala.-based Brasfield & Gorrie is the project’s general contractor. The units will average 838 square feet and will feature nine-foot ceilings, floor-to-ceiling windows, washers and dryers, quartz countertops, hardwood cabinets and kitchens with islands and stainless steel appliances. Common amenities will include a garage-top deck with a resort-style pool with cabanas, gardens and grilling areas, a terrace overlooking Peachtree Street, fitness center and sidewalk cyber café.
ATLANTA — Cornerstone Development Partners and Stein Investment Group have formed a joint venture to develop a $65 million mixed-use medical complex at the intersection of Collier and Peachtree roads across from Piedmont Hospital in Atlanta. The Cornerstone Medical Center will span 161,000 square feet and will largely be made up of medical office space. The development will also include 16,000 square feet of street-level retail and restaurants. The seven-story complex will feature four levels of below-grade parking and a secure doctors-only area with direct, private elevator access to the medical suites. The Cornerstone-Stein joint venture plans to break ground this summer and complete the development in 2015. A nearby Chick-fil-A restaurant will relocate to the ground floor of the development. The property will be developed in compliance with the Beltline Overlay conditions.
DORAL, FLA. — Starwood Hotels & Resorts Worldwide Inc. has broken ground on Element Miami Doral as part of a dual-hotel development in metro Miami alongside Aloft Miami Doral, which opened in March 2013. Starwood will open the new hotel in July 2015. Eurocon LLC owns the 139-suite property. The hotel will feature a 24-hour fitness center, outdoor saline pool and a 1,500-square-foot meeting room. Element is the first major hotel brand to mandate that all properties pursue LEED certification, according to Starwood.
TAMPA, FLA. — Westmount Realty Capital LLC has purchased a 332,143-square-foot industrial portfolio in Tampa. The portfolio consists of six showroom and flex buildings on West Waters Avenue; two rear-load, dock-high buildings on Sunstate Street; and six front-load, dock-high distribution warehouses on Pioneer Park Boulevard. The portfolio is currently averaging 77 percent occupancy. Steve Kanoff of Westmount Realty Capital led the team on the acquisition. Cushman & Wakefield’s Tampa office represented the seller in the transaction. NorthMarq Capital’s Tampa office procured the debt on behalf of Westmount Realty Capital.
OXFORD, MISS. — Capital Advisors has arranged $11.5 million in refinancing for University Trails, a 156-unit, 492-bed student housing community in Oxford. The Class A community serves students from the University of Mississippi. The property features a resort-style swimming pool, beach volleyball court, basketball courts, a game room, fitness center and media center. Cooper Willis of Capital Advisors arranged the seven-year loan with a 30-year amortization schedule on behalf of the borrower, TEXLA Oxford LLC. The loan, fixed at an interest rate of 4.62 percent, was arranged through Freddie Mac via Walker & Dunlop.