SAN FRANCISCO — Kilroy Realty Corp. has purchased Oyster Point Tech Center, a 146,000-square-foot laboratory and office property in San Francisco, for $111 million. The property is located at 345-349 Oyster Point Blvd. in the South San Francisco submarket. The asset contains three two-story buildings. It is 80 percent occupied, with 66 percent of the project leased a global healthcare diagnostics company.
LOS ANGELES — Huntington Hotel Group has received $35 million in construction financing to build a dual-branded hotel in the Los Angeles submarket of Agoura Hills. The project will include the 129-room Courtyard Marriott and the 96-room TownePlace Suites. The asset will be developed on a vacant 5.5-acre site located at 29505 and 29515 Agoura Road. HFF placed the 60-month loan with Umpqua Bank.
SAN DIEGO — Stos Partners has sold a 91,541-square-foot industrial building in the National City submarket of San Diego for $21 million. The single-tenant building is located at 901 Bay Marina Drive. The asset is fully occupied. An undisclosed Fortune 500 company anchors the building. A large institutional investor acquired the property after it underwent several improvements, including a new roof, new exterior paint, an upgraded parking lot and new monument signage. CBRE’s Anthony DeLorenzo, Matt Pourcho and Gary Stache represented Stos in this transaction.
SAN DIEGO — Smashtech has leased 22,000 square feet of office space at Symphony Towers in downtown San Diego. The marketing company will occupy the penthouse suite on the 33rd floor. Smashtech will relocate from the Union Bank Building in June 2018. Irvine Co. owns the property.
SAN DIEGO — NorthMarq Capital has secured $57.1 million in construction financing for Watermark II, a 158,000-square-foot office building in San Diego. The loan was structured with a five-year term, the first three of which feature interest-only payments followed by a 25-year amortization schedule. NorthMarq arranged the financing through a regional bank. The borrower is an owner-user who previously developed a neighboring Class A office building that it currently occupies.
SANTA CLARITA, CALIF. — G.H. Palmer Associates has received $97.2 million in refinancing for two apartment communities in Santa Clarita. The communities include the 255-unit Sand Canyon Ranch ($39.4 million) and the 384-unit Village Apartments ($57.8 million). Sand Canyon Ranch is located at 28856 N. Silver Saddle Circle. The Village Apartments is located at 23700 Velle Del Oro. The deals were structured with 10-year, interest-only loan terms. NorthMarq’s Ory Schwartz arranged financing for the borrower through its Freddie Mac platform utilizing the Green Advantage program.
Cushman & Wakefield Arranges $20.6M Construction Loan for Assisted Living Community in Sonoma County
ROHNERT PARK, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $20.6 million in construction financing for Clearwater at Sonoma Hills, a 90-unit assisted living and memory care community in the Sonoma County metro of Rohnert Park. The borrower is Clearwater Living, which is developing and operating the community. It sits adjacent to Oak View of Sonoma Hills, an active adult community developed by Clearwater CEO Tony Ferrero in the early 2000s. PNC Bank provided the loan. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig, Timothy Hosmer and Alex Petrosian.
SANTA ANA, CALIF. — NorthMarq has arranged $47.8 million in bridge financing for a 414,309-square-foot vacant warehouse in Santa Ana. The warehouse is located at 515 E. Dyer Road. Hines acquired the property in December 2017. The firm plans to renovate and reposition the vacant warehouse into a last-mile distribution center. The property was formerly a manufacturing and distribution facility. It features 22-foot clear heights, 120-foot truck turning clearance, an office pod, and access to the 55, 5 and 405 freeways. The loan represents 65 percent of total project cost with a five-year term. NorthMarq shopped the non-recourse loan to both banks and debt funds, but the final lender was not disclosed. Mike Elmore, Joe Giordani and John Marshall led the NorthMarq team.
SANTA ANA, CALIF. — Kearny Real Estate Co. has purchased a 197,370-square-foot office campus in Santa Ana for $34.8 million. The campus is located at 3100-3130 Harbor Blvd. The space has recently been rebranded Elevate@Harbor. It includes two mid-rise buildings on eight acres that were built in 1982. Kearny plans to invest about $15 million to reposition the office campus. The one-acre outdoor area surrounding the first floor of both buildings will be redesigned to incorporate outdoor areas that provide a mix of work, leisure and active spaces. The seller was The Colton Company. CBRE’s Carol Trapani and Allison Kelly will oversee leasing for Elevate@Harbor.
DEL MAR HEIGHTS, CALIF. — Irvine Co. has purchased Gateway at Torrey Hills, a 198,000-square-foot campus in Del Mar Heights, for an undisclosed sum. The campus is situated near the I-5 Freeway at Carmel Mountain Road. The Class A office space is spread across two four-story buildings. Notable tenants include BDO USA, MINDBODY Inc., and law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. The project features stone and glass façades, flexible floor plates, modern interior features and on-site parking. Amenities include a fitness center with locker room and showers, art installations, multiple patios, and outdoor workspaces. Irvine Co. plans to add to and enhance the outdoor workspaces.