GREELEY, COLO. — Griffin-American Healthcare REIT II has acquired five medical office buildings throughout the U.S. for $47 million. The buildings are located in Greeley, Colo.; Ruston, La.; and Abilene, Tex. The REIT is co-sponsored by American Healthcare Investors and Griffin Capital Corporation. The three-building Greeley Northern Colorado Medical Office Building Portfolio was included in this transaction. The 99,000-square-foot medical office building portfolio is currently 93 percent leased to three tenants, including the University of Colorado Health. The seller of the Greeley portfolio, Concordia Company of Greeley, LLP, was represented by Craig Hau and Kyle Lundy of Sperry Van Ness.
Western
SEATTLE – The mixed-use Shelby Apartments complex has received a $21.3-million loan. The property contains containing 98 units and 5,000 square feet of ground-floor commercial space. It is located in the Belltown section of Seattle. The 10-year, non-recourse loan was arranged by Amos Smith and Ryan Chapman of Johnson Capital’s Irvine office. Financing was provided by Fannie Mae.
AURORA, COLO. — Majestic Realty Co. has announced plans to build a 500,000-square-foot speculative industrial warehouse and distribution building at the Majestic Commercenter in Aurora. The Class A industrial property will break ground in May and is scheduled for completion by the end of the year. Once complete, this will be the largest spec building to ever be constructed in the Denver area, according to Majestic.
The San Diego office market continues in the direction of a slow, but steady recovery as we move into 2013. With virtually no new construction of office inventory delivered in 2012, and no projects in the immediate pipeline, the overall occupancy in the county for all office product has risen to about 85 percent. The majority of the leasing activity and positive net absorption has occurred in the Class A market, particularly in the Central San Diego suburban markets. About 85 percent of the absorption over the past three years has been in the Central San Diego office markets, including UTC, Sorrento Mesa, Kearny Mesa and Del Mar Heights. Overall, the Central San Diego office market vacancy sits at 9 percent. As a result, building owners of Class A buildings in these select markets have been able to lower concession packages and hold tight on rents when compared to the previous few years. Lease rates have also stabilized and are poised to increase as the supply tightens for quality space. Class A asking rates had an overall average of $2.58 per square foot (full-service gross) at the end of 2012. This was unchanged from the previous two quarters while Class …
SAN JOSE, CALIF. – A pair of Class A office buildings in San Jose that are fully occupied by the Echelon Corporation has received $14 million in refinancing. The buildings are located at 550 Meridian Ave. and serve as the firm’s headquarters. Financing was secured by Paul Schroeder of Cohen Financial’s San Francisco office on behalf of a local commercial real estate developer. The fixed-rate, long-term, non-recourse financing was provided by Sun Life Financial.
PORTLAND, ORE. – A trio of self-storage facilities throughout the Pacific Northwest has received $9.3 million in refinancing. They include South Medford Self Storage in Medford, Ore.; Iron Gate Storage in Beaverton, Ore.; and Iron Gate Mega Storage in Vancouver, Wash. The storage facilities contain a total of 160,000 square feet. Financing was secured by Peter Norrie of Cohen Financial’s Portland office. It was provided by a Midwestern life insurance company.
SAN DIEGO — 1Mission, a mixed-use residential and retail property in the San Diego submarket of Mission Hills, has sold to Paragon Acquisitions, LLC for $8.6 million. It is located at 4033 Goldfinch Street. The 20,111-square-foot property was developed by CLB Partners. The buyer was represented in-house by Dan Berkus. The seller, Paseo de Mission Hills, LLC, was represented by Michael Burton of Cassidy Turley and Linville Martin of Perry Commercial Real Estate.
SAN JOSE, CALIF. – A pair of Class A office buildings in San Jose that are fully occupied by the Echelon Corporation has received $14 million in refinancing. The buildings are located at 550 Meridian Ave. and serve as the firm’s headquarters. Financing was secured by Paul Schroeder of Cohen Financial’s San Francisco office on behalf of a local commercial real estate developer. The fixed-rate, long-term, non-recourse financing was provided by Sun Life Financial.
PORTLAND, ORE. – A trio of self-storage facilities throughout the Pacific Northwest has received $9.3 million in refinancing. They include South Medford Self Storage in Medford, Ore.; Iron Gate Storage in Beaverton, Ore.; and Iron Gate Mega Storage in Vancouver, Wash. The storage facilities contain a total of 160,000 square feet. Financing was secured by Peter Norrie of Cohen Financial’s Portland office. It was provided by a Midwestern life insurance company.
SAN DIEGO — 1Mission, a mixed-use residential and retail property in the San Diego submarket of Mission Hills, has sold to Paragon Acquisitions, LLC for $8.6 million. It is located at 4033 Goldfinch Street. The 20,111-square-foot property was developed by CLB Partners. The buyer was represented in-house by Dan Berkus. The seller, Paseo de Mission Hills, LLC, was represented by Michael Burton of Cassidy Turley and Linville Martin of Perry Commercial Real Estate.