SCOTTSDALE, ARIZ., AND NEWPORT BEACH, CALIF. — Cadence Senior Living, a Scottsdale-based owner, developer and operator, and Emerald Real Estate Partners LLC, an investment management firm based in Newport Beach, have formed a strategic partnership for investing in seniors housing. According to the companies, the partnership will allow Cadence to expand its portfolio of boutique senior living. Emerald will provide additional acquisition capital, working capital and expertise in increasing scale, due to the company’s experience in other real estate sectors. Emerald principal Josh Martin stated that Emerald “had been searching for a senior living operator with which to grow a platform in this sector.” The Cadence and Emerald partnership is seeking opportunities to acquire existing senior housing communities, develop new communities and leverage Cadence’s management team by operating senior living communities for third-party owners.
SAN DIEGO — Anchor Health Properties has obtained a $68 million loan to purchase a San Diego medical office building portfolio. The portfolio contains a total of 206,000 square feet in the La Jolla/UTC submarket. The acquisition includes the two-building Chancellor Park Medical Campus, which is situated near the UC San Diego Jacobs Medical Center and Scripps Memorial Hospital La Jolla. The properties were built in 1988 as traditional office buildings before they were converted into medical uses. The properties are 94 percent occupied. UC San Diego Health currently leases 44 percent of the buildings, which form the largest outpatient medical campus in UTC and one of the larger outpatient medical campuses in Southern California. The funding will also support future tenant improvements and leasing commissions for the properties. Capital One provided the funds.
ANTIOCH, CALIF. — Westcore Properties has purchased Antioch Distribution Center, a 665,775-square-foot manufacturing/distribution project in Antioch, for $32.4 million. The two-building center is located at 2200 to 2300 and 2110 Wilbur St. Westcore represented itself, while Steve Hermann, Scott Bertrand and Brooks Pedder of Cushman & Wakefield represented the seller, The Covington Group, in this transaction.
SAN DIEGO — Berkadia has secured $29 million in financing for Pinnacle Medical Office in San Diego. The office is located at 10670-10672 Wexford St. in the Scripps Ranch submarket. The property provides services like primary care, wellness exams, treadmill stress testing, annual physicals, sports and camp physicals, full laboratory testing, vaccinations and pre-operative clearance. The 10-year, fixed-rate loan features interest-only payments for the full term and features a 4.3 percent interest rate through Wells Fargo. The borrower was LP Scripps Lot 1 LLC.
SCOTTSDALE AND TEMPE, ARIZ. — TA Realty has purchased a 266,607-square-foot industrial portfolio near Phoenix for $24.5 million. The portfolio is situated in Scottsdale and Tempe. The properties include four industrial/flex assets at 9160 S. McKemy St. and 9185 and 9245 S. Farmer Ave. in Tempe, and 7400 E. Tierra Buena Lane in Scottsdale. The portfolio is more than 96 percent leased to 12 tenants across industries like IT services, transportation, automotive and home improvement. JLL’s Capital Markets team represented the seller, The Hewson Company, in this transaction.
SAN FRANCISCO — Shorenstein Co. has purchased an 89,904-square-foot creative office building in the San Francisco submarket of North Waterfront-Jackson Square for an undisclosed sum. The building is located at 901 Battery St. The Swig Company and Medley Partners purchased the asset in December 2012. The JV immediately executed a capital investment program designed to reposition the four-story building as an institutional-quality asset in a submarket growing in popularity with creative tenants. The team recently completed lobby and façade renovations, and upgrades to each tenant floor. The renovated building features large, open floorplates, natural light and high ceilings. NKF’s Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee represented the sellers in this transaction.
COLORADO SPRINGS, COLO. — A joint venture between Griffis/Blessing Inc. and Freshwater Investment has purchased the 280-unit Lamplight Square at the Park Apartments in Colorado Springs for $41.1 million. The community is located at 6236 Twin Oaks Drive. Lamplight Square was built in 1984. Community amenities include a clubhouse with leasing office and business center, fitness center, coffee bar, swimming pool, spa, picnic area, courtyard and covered parking.
PORTLAND, ORE. — A joint venture between Security Properties Development Co. and Beijing Jade Investment Group has purchased the PepsiCo Distribution Center in Portland for an undisclosed sum. The center is located between NE 25th and NE 27th avenues, and NE Holladay Street and NE Sandy Boulevard. The JV plans to redevelop the five-acre urban property under the City of Portland’s “Large Site Master Plan” designation, offering market-rate and affordable housing, office, retail and other real estate types over the next several years.
SACRAMENTO, CALIF. — Insight Realty Co. has purchased Park Plaza, a 73,000-square-foot office building in downtown Sacramento, for an undisclosed amount. The Class A building is located at 1303 J St. The firm partnered with local developer and investor Patrick Molloy, along with his firm Gavden Investments, to acquire the asset.
SALEM, ORE. — A joint venture between PCCP and Capstone Partners has announced plans to develop Mill Creek Logistics Center, a 1 million-square-foot distribution facility in Salem. The facility is situated in the Mill Creek Corporate Center, a 548-acre master-planned industrial park. The JV acquired the land in late August from the State of Oregon – Department of Administrative Services. Development has commenced on the 62-acre parcel with completion anticipated in July 2018. Notable neighboring tenants include Home Depot and FedEx.