VISALIA, CALIF. — The City of Visalia and the Visalia Economic Development Corp. have announced two new tenants at the Visalia Industrial Park currently under construction in Visalia. A 425,000-square-foot UPS hub is now complete and construction has begun on a 1.3 million-square-foot distribution center for Amazon. YS Industrial is also developing two 300,000-square-foot speculative facilities adjacent to Millipore Sigma and near VWR (Avantor). Additionally, current tenants — SORMA, California Dairies and Hydrite Chemical Co. — are expanding their footprints at the industrial park.
LAGUNA NIGUEL, CALIF. — CBRE National Senior Housing has arranged an $80 million loan to refinance debt on Crestavilla, a recently built, “ultra-luxury” seniors housing community in Laguna Niguel, located in Orange County. The property features 201 units of independent living, assisted living and memory care on an 11.6-acre site. Atria Senior Living is the operator. Construction began in 2016 and was completed in 2018. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the refinance on behalf of a joint venture between Fremont Realty Capital and Steadfast Senior Living. MF1 Capital provided the three-year, floating-rate bridge loan with full-term interest-only payments.
SAN DIEGO — C.W. Driver Cos. has started construction of a $55 million San Diego Unified School District (SDUSD) elementary school located at 7900 Civita Blvd. in San Diego’s Mission Valley. Serving students in kindergarten through fifth grade, the 77,250-square-foot school will be technology-oriented and accommodate up to 500 students and supporting staff members. Construction is slated for completion in summer 2022 in time for the 2022-2023 school year. Comprising four buildings, the school project will feature a two-story administration, flex-classroom, makerspace and library building; one-story multipurpose building with a foodservice facility; and two classroom buildings featuring a total of 24 spaces and variety of indoor/outdoor learning areas with roll-up doors for maximum flexibility. Additionally, the campus will feature a dedicated play area for students. Domus Studio is providing architectural services for the project.
MURRIETA, CALIF. — MBK Rental Living has completed the sale of Mitchell Place, a multifamily property located at 35995 Mitchell Road in Murrieta. MG Properties acquired the asset for an undisclosed price. Opened in June 2019, the gated community features 230 flats and townhomes in a mix of nine floor plans. The one-, two- and three-bedroom residences range from 787 square feet to 1,294 square feet. John Chu and Ed Rosen of Berkadia represented MBK Rental Living. Charles Christensen of Berkadia arranged Fannie Mae acquisition financing for the buyer.
SAN JOSE, CALIF. — Overton Moore Properties has purchased Concourse Tech Park, an office, research and development building in San Jose. A private family sold the asset for $13.5 million. Located at 1953-1965 Concourse Drive, the 110,148-square-foot property features two loading docks, eight at-grade roll-up doors, substantial power, ample parking and significant clear heights. At the time of sale, the building was 10 percent leased. Steven Golubchik, Seth McKinnon, Darren Hollak and Jack Phipps of Newmark represented the buyer and the seller in the transaction.
REDLANDS AND RIVERSIDE COUNTY, CALIF. — Newcastle Partners is developing three speculative industrial properties in the Inland Empire totaling 824,500 square feet. The company, in partnership with Sun Life, plans to construct Redlands Commerce Center, a 190,000-square-foot warehouse distribution facility in Redlands. Construction costs are estimated at $20.1 million for the speculative industrial facility. In a joint venture with Rockefeller Group Development, Newcastle has planned a 345,000-square-foot industrial warehouse and distribution center on 16.8 acres of land on Harvill Avenue in Riverside County. Construction is scheduled to start in the fourth quarter, with completion slated for late third-quarter 2021. In another joint venture with Rockefeller Group, the company plans to construct Val Verde Distribution Center, a 289,300-square-foot property on 12.9 acres at the northwest corner of Cajalco Road and Harvill Avenue in Riverside County. Construction is set to start in the fourth quarter, with completion scheduled for third-quarter 2021.
CHINO HILLS, CALIF. — Advanced Real Estate Services has purchased The Crossings, a multifamily property located in Chino Hills. An undisclosed seller sold the asset for $120 million in an off-market transaction. Constructed in 2019 on more than 32 acres, The Crossings features 346 apartments, a resort-style pool area, clubhouse, two-story fitness center, turf soccer field, dog park, electric-vehicle charging stations, package lockers, a business center and playground. Mike Elmore, Joe Giordani and Brendan Golding of NorthMarq’s Newport Beach team arranged a $76.8 million Fannie Mae Green loan for the transaction, with 10 years interest-only payments at 2.44 percent fixed rate. Margie Malloy of Berkadia’s Inland Empire office represented the buyer in the transaction.
SANTA FE SPRINGS, SYLMAR, OCEANSIDE, NATIONAL CITY AND SANTA ANA, CALIF. — Rexford Industrial Realty has acquired two industrial facilities for $27.6 million and completed the disposition of three properties for $44.2 million. The acquisitions were funded using cash on hand. Rexford purchased 12133 Greenstone Ave. in Santa Fe Springs for $5.5 million, or $26 per land square foot, through an off-market transaction. The single-tenant container storage facility features a 12,586-square-foot truck terminal building on 4.8 acres with excess land serving as truck parking. At the time of sale, the property was fully leased on an agreement that is slated to expire in the near-term. The company also acquired 12772-12746 San Fernando Road in Sylmar for $22.1 million, or $78 per land square foot. The facility comprises a 6.5-acre development site currently containing two legacy industrial buildings totaling 140,840 square feet. Following a short-term lease period, Rexford plans to demolish the existing buildings and develop a 145,000-square-foot, single-tenant, Class A industrial building on the site. Rexford sold a single-tenant vacant building at 3927 Oceanic Drive in Oceanside for $10.3 million, or $188 per square foot, and a multi-tenant building located at 121 W. 33rd Street in National City for $13.5 …
SAN FRANCISCO — Chicago-based REIT Ventas Inc. (NYSE: VTR), through its Life Sciences and Healthcare Real Estate Fund, has acquired an 800,000-square-foot life sciences campus in San Francisco for roughly $1 billion. The San Francisco Business Journal reports that the property is the Genesis South office and life sciences hub, which consists of two office and lab buildings totaling roughly 720,000 square feet, as well as a 72,000-square-foot building. The Class A campus is located on the city’s south side and consists of three newly built or renovated buildings. The campus was 96 percent leased at the time of sale with a weighted average lease term of more than six years. The property is purpose-built for advanced research functions and is predominantly features lab space supporting biotechnology and other life sciences research. Nearly half of the tenant roster consists of publicly traded companies with market capitalizations of $10 billion or higher that are backed by venture capital or private equity firms. The price represents a capitalization rate of approximately 5 percent. The seller was a partnership between Boston-based Bain Capital and San Diego-based Phase 3, according to IPE Real Assets, which provides global intelligence for institutional real estate investment. In …
TUSTIN AND SAN DIEGO, CALIF. — Padma Laxmi LLC has purchased a medical office property in Tustin and an industrial facility in San Diego for a total consideration for $43.6 million. An affiliate of Cress Capital sold the medical office asset located at 2742 Dow Ave. in Tustin. Built in 1979, the two-story property features 51,588 square feet of medical office space. Doctor’s Best, a nutritional supplement company, occupies the entire building under a sublease from Orange County-based MemorialCare. Anthony DeLorenzo, Gary Stache, Bryan Johnson, Todd Tydlaska and Doug Mack of CBRE represented the seller, while Richard Schwartz of Colliers International and Jim DeRegt of Lee & Associates represented the buyer. Additionally, Padma Laxmi purchased an 85,824-square-foot industrial facility located at 10054 Old Groove Road in San Diego’s Scripps Ranch neighborhood. Manscaped, a start-up online shaving company, will occupy the property, which was vacant at the time of acquisition. Originally built in 1971, the facility was renovated in 2018. Trevor Damyan of CBRE’s downtown Los Angeles office arranged a $28.3 million, 10-year, fixed-rate loan for the acquisition of both properties on behalf of the buyer.