SAN DIEGO — Live Oak Bank and Locust Point Capital have provided a $28 million loan for the development of an 81-unit assisted living and memory care community in the Clairemont neighborhood of San Diego. The borrower is a partnership between RhodesMoore and Frontier Management. The urban infill development will consist of a 73,000-square-foot building and parking deck situated on 1.5 acres. Frontier will be the operator upon completion.
SAN DIEGO — FPA Multifamily has completed the sale of ReNew Mills, an apartment property in Ontario. San Diego-based Interwest Capital Group acquired the asset for $45.6 million. Located at 551 E. Riverside Drive on 8.8 acres, ReNew Mills features 142 apartments, a fitness center, resident clubhouse with a pool table and lounge, dog park and resort-style pool and spa. The units feature large closets, vaulted ceilings, air conditioning, fireplaces and private balconies. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction.
SAN FRANCISCO AND INDIANAPOLIS — San Francisco-based industrial giant Prologis Inc. (NYSE: PLD) has agreed to acquire Indianapolis-based Duke Realty (NYSE: DRE) for $26 billion in an all-stock transaction, including debt. The mega-merger of these two REITs is scheduled to close in the fourth quarter. The board of directors for each company has already unanimously approved the transaction. In May, Prologis offered to acquire Duke in an all-cash transaction for $61.68 per share, a proposal that would have generated a price tag of $23.7 billion. The offer, which was tendered on May 10, represented a 29 percent premium over Duke’s closing stock price on the previous day. However, Duke rejected the offer. The transaction includes Prologis’ assumption of Duke Realty’s existing debt. Duke’s shareholders will receive a premium of 47.5 percent over the current value of each share of common stock they own. Prologis plans to hold 94 percent of the acquired assets. Prologis expects to achieve $310 million to $370 million in reduced general and administrative costs and consolidated corporate leverage as a result of the acquisition. In addition, Prologis said it was drawn to Duke’s presence with high-performing industrial facilities in key markets, including Southern California, New Jersey, …
LOS ANGELES — Newmark has brokered the sale of 640 North Sepulveda Blvd., an office property located in Westside Los Angeles. Vectra Management Group sold the building to an undisclosed buyer for $32.5 million. Built in 1987, the two-story, 45,630-square-foot office building underwent a $3 million renovation in 2019. The property offers nearly 12,000 square feet of outdoor work and recreation space, including an open courtyard, outdoor patio, barbecue area, basketball court, designated pet area, water features, ping pong tables, fire pit and lounge area. At the time of sale, the building was 27 percent occupied. Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark represented the seller, while David Kluth and Aliya Coher of Newmark represented the buyer in transaction.
SAN DIEGO — Stos Partners, in a joint venture with Long Wharf Capital, has completed the disposition of an industrial property in San Diego’s Miramar submarket. EverWest Real Estate Investors bought the property for $17.3 million. The sellers initially acquired the asset for $11 million in early 2020. Located at 9431 Dowdy Drive, the 55,000-square-foot property features ample parking space, drive-around access, dock-high loading space, storage space and a security system with a fenced-in lot. Bryce Aberg, Brant Aberg and Zachary Hardman of Cushman & Wakefield represented the seller in the deal.
LOS ANGELES — Lee & Associates has grown its Southern California presence with the opening of a new office in downtown Los Angeles. The office will specialize in industrial, office and investment brokerage, with plans to strategically recruit teams that will grow its capabilities in multifamily and retail. Led by Jack R. Cline Jr., Lee & Associates Los Angeles – Downtown consists of 13 brokerage professionals, including Doug Cline, Tony Naples, Evans Jurgensen, Matt Eddy, Miles Solomon, Loren Kaplan, Everett Phillips, Mattison Behr, David Cox, Sam Rinkov and Allan Roman. Additional team members include Madeline Segura, Andy Baquerizo, Maggie Kusumawathy, Ebe Puyolt and Lori Thor. The 5,000-square-foot Lee & Associates Los Angeles – Downtown office is located at 1201 N. Main St. As the office expands, the firm has the option to take additional, adjacent square footage totaling 7,500 square feet.
SUNNYVALE, CALIF. — Tishman Speyer has sold a 719,037-square-foot office campus in the Moffett Park submarket of Sunnyvale, just west of San Jose, to CommonWealth Partners. While the price was not disclosed, Tishman Speyer acquired the asset in April 2021 for $356 million, and soon leased the entire campus to Meta, the parent company of social media networks Facebook and Instagram. Google occupies a multi-building campus immediately adjacent to the site. The property features four modern office buildings, two parking structures and outdoor recreational space. Campus amenities include a gym with a basketball court, lockers and showers; outdoor volleyball court; executive briefing center; full-service cafeteria; multiple kitchens; break centers; phone rooms; and other common areas. This acquisition more than doubles CommonWealth Partners’ holdings in the Moffett Park submarket to over 1.2 million square feet of LEED Gold- or Platinum-certified trophy office space. “The sale and the lease demonstrate that Silicon Valley remains a global center of innovation,” says Rob Speyer, CEO of Tishman Speyer. “Moreover, this deal demonstrates that the market for highly collaborative, well-designed office space with accessible green space and top-level amenities is still strong.” Kevin Shannon, Steven Golubchik, Phil Mahoney, Jonathan Schaefler and Darren Hollak of Newmark …
MORENO VALLEY, CALIF. — Colliers has arranged the sale of Moreno Beach Plaza II, a shopping center located at 27610 Eucalyptus Ave. in Moreno Valley. A West Coast-based investment firm sold the asset to an undisclosed buyer for $21 million. LA Fitness, AutoZone, Carl’s Jr. and Panda Express are tenants at the 82,340-square-foot retail center. At the time of sale, the property was 96 percent occupied. The retail center consists of three single-tenant parcels, a multi-tenant pad building and a two-tenant anchor building situated on 9.1 acres. El Warner, Charley Simpson, Caitlin Zirpolo and Jordan Gomez of Colliers represented the seller in the deal.
MAMMOTH LAKES, CALIF. — Marcus & Millichap has arranged the sale of Mammoth Main Street Promenade, a retail center located in Mammoth Lakes. A private investor sold the asset to an undisclosed buyer for $8.8 million. At the time of sale, the 42,809-square-foot shopping center was 98 percent leased to 22 tenants, including Mammoth Laundry and Sun & Ski Sports. The property was built in 1988. Patrick Toomey, Jose Carrazana, Jessica Baram and Enrique Wong of Marcus & Millichap represented the seller in the deal.
LOS ANGELES — Harbor Gateway LLC has completed the disposition of a 5.4-acre industrial redevelopment property located at 19401 S. Vermont Ave. in Los Angeles’ South Bay market. Atlas Capital acquired the asset for $39.8 million. The property currently comprises 12 office buildings totaling 94,113 square feet. The location offers close proximity to two of the busiest seaports in North America and Los Angeles International Airport, as well as immediate access to the 105, 110, 710, 405 and 91 freeways. Kevin Shannon, Scott Schumacher, Ken White, Bret Hardy, Jim Linn, Andrew Briner, John McMillan and Danny Williams of Newmark represented the seller.
