Western

DHC Purchases Life Sciences Facility in Fremont, California for $82M

by Amy Works July 29, 2022

FREMONT, CALIF. — Diversified Healthcare Trust (Nasdaq: DHC) has acquired a life sciences building, located at 47071 Bayside Parkway in Fremont, for $82 million. The name of the seller was not released. The recently renovated facility features 89,000 rentable square feet of lab and corporate headquarters space. The property is 100 percent leased to Alamar Bioscience through January 2034. With this acquisition, DHC now owns four life sciences assets totaling approximately 327,000 square feet in the Bay Area, in addition to its joint venture investment in two properties located in the same market.

July 29, 2022

Acquisitions Arizona Office Western

Lincoln Property Co. Sells 109,291 SF Office Building in Phoenix for $34M

by Amy Works July 29, 2022

PHOENIX — LPC Desert West, the Southwest division of Dallas-based Lincoln Property Co., has completed the disposition of Twenty Seven Camelback, a Class A office building located in Phoenix’s Camelback Corridor. Rosebud Properties acquired the asset for $34 million. Located at 2777 E. Camelback Road, Twenty Seven Camelback features 109,291 square feet of office space. After acquiring the property in 2017, LPC implemented a renovation program, including an upgraded lobby, new conference facility, outdoor lounge area, and improved signage, landscape and hardscapes. Other amenities at the property include touchless entries, 13-foot ceilings, modern open layouts with exposed concrete aesthetics, flexible 36,000-square-foot floor plates and a two-level subterranean parking garage with direct elevator access to tenant spaces. At the time of sale, Twenty Seven Camelback was 87 percent occupied. Current tenants include UMB Bank, Abrazo Medical Group and Lavidge. LPC will continue to manage and lease the building for the new owners. Barry Gabel and Chris Marchildon of CBRE represented the seller in the deal.

July 29, 2022

Affordable Housing California Loans Multifamily Seniors Housing Western

BRIDGE Housing Receives $19.4M Refinancing for Magnolia Plaza Senior Apartments in San Francisco

by Amy Works July 29, 2022

SAN FRANCISCO — BRIDGE Housing has received a $19.4 million refinancing for Magnolia Plaza Senior Apartments, a 125-unit affordable seniors housing community in San Francisco. CPC Mortgage Co. provided the Freddie Mac Targeted Affordable Housing loan. Built in 1988, the property is age restricted to seniors age 62 and over. While there is a current requirement that 63 units be restricted to residents with incomes at or below 80 percent of area median income (AMI), BRIDGE has restricted 84 of the units and plans to increase this number going forward. Magnolia Plaza Senior Apartments is adjacent to an architecturally distinguished school building, which was renovated by the City of South San Francisco as a senior center for the residents of both the development and the larger community. The complex includes a historic reconstruction of the city’s original one-room schoolhouse as a project office and community room. BRIDGE was a member of the original enterprise that constructed Magnolia Plaza Senior Apartments in 1988, and recently purchased the property from the remaining partners.

July 29, 2022

California Market Reports Retail Western Western Market Reports

Despite Economic Headwinds, Orange County’s Retail Market Fundamentals Remain Sound

by Jeff Shaw July 29, 2022

By John R. Read, Senior Vice President, CBRE National Retail Partners-West It’s critical to go back to the basics in times of ever-increasing uncertainty. It is not new news that we are currently seeing inflation at a 40-year high, significantly higher interest rates and weaker economic growth expectations, including more talks of a pending recession, which is driving uncertainty in the U.S. market. These factors require us to consider a market’s fundamentals. For attractive fundamentals, look no further than Orange County’s retail market. Orange County’s unemployment rate was 2.7 percent in April 2022, down from a revised 3.1 percent in March 2022, and below the year-ago estimate of 6.8 percent. With California’s unadjusted unemployment rate at 3.8 percent and the nation at 3.3 percent (for the same period), Orange County outperformed both metrics. The county’s leisure and hospitality sector added 6,200 jobs, with 74 percent of these added between March and April of 2022, the most job additions of any sector. Food services and drinking establishments provided most of the employment increase in the subsector, with 4,000 more jobs. Arts, entertainment and recreation also added 1,600 jobs. Orange County boasts about 1,246 arts, entertainment and recreation destinations, along with 7,993 accommodations and …

July 29, 2022

Acquisitions California Retail Western

Pine Tree Acquires Delta Shores Shopping Center in Sacramento for $122.5M

by Amy Works July 28, 2022

SACRAMENTO, CALIF. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. pension fund, has purchased Delta Shores, a shopping center in Sacramento, for $122.5 million. Completed in 2017, Delta Shores features 414,658 square feet of retail space. Current tenants include Dick’s Sporting Goods, Hobby Lobby, Ross Dress for Less, PetSmart and Ulta Beauty. The shopping center is part of the 800-acre Delta Shores master-planned development located 10 miles south of downtown Sacramento and immediately adjacent to Interstate 5. Eastdil Secured represented Pine Tree in the transaction. The sale represents Pine Tree’s second acquisition in the Sacramento MSA and contributes to the nearly $375 million in acquisitions for the company in the last 12 months.

July 28, 2022

Acquisitions California Industrial Western

RPG, CenterSquare Sell 175,367 SF Industrial Asset in Vista, California for $58M

by Amy Works July 28, 2022

VISTA, CALIF. — RPG, in partnership with CenterSquare, has completed the sale of 1 Viper. The recently redeveloped and fully leased Class A industrial property is situated on 11.7 acres at 1 Viper Way in Vista. Santa Monica-based BLT Enterprises acquired the asset for $58 million. Aric Starck and Drew Dodds of Cushman & Wakefield represented the sellers in the deal. Following its acquisition of the property in 2021, RPG speculatively redeveloped and improved the 175,367-square-foot asset, which is situated on a 482,644-square-foot site. The property features 20 dock-high doors, 16 grade-level doors and skylights to increase natural light and energy efficiency. At the time of sale, the property was fully leased to Cymer and Gnarlywood.

July 28, 2022

Acquisitions Arizona Multifamily Western

IPA Brokers $21.3M Sale of Dolce Villagio Lofts in Tempe, Arizona

by Amy Works July 28, 2022

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Dolce Villagio Lofts, a multifamily townhome community in Tempe, for $21.3 million. IPA’s Steve Gebing and Cliff David represented the seller, Scottsdale-based Bascom Arizona Ventures LLC, and procured the undisclosed buyer. Built in 2007, Dolce Villagio Lofts comprises seven residential buildings and 37 two- and three-bedroom townhome units with two-car garages and an average unit size of 1,437 square feet. Community amenities include a swimming pool and spa.

July 28, 2022

Acquisitions California Retail Western

Faris Lee Arranges $17.3M Sale of La Verne Plaza in Metro Los Angeles

by Amy Works July 28, 2022

LA VERNE, CALIF. — Faris Lee Investments has arranged the $17.3 million sale of La Verne Plaza, a retail center located in the Los Angeles County community of La Verne. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller and procured the San Gabriel Valley-based buyer in the all-cash transaction. The property is shadow-anchored by Stater Brothers and In-N-Out Burger.

July 28, 2022

Acquisitions California Retail Western

300 Venture Group Buys 155,920 SF Former JCPenney Site in Pleasanton, California

by Amy Works July 28, 2022

PLEASANTON, CALIF. — 300 Venture Group (3VG), along with its undisclosed capital partner, has purchased the former JCPenney site at 1500 Stoneridge Mall Road in Pleasanton. Terms of the acquisition were not released. The 155,920-square-foot building is located on 9.8 acres of prime real estate in a high-barrier-to-entry market. The acquisition is a consistent with 3VG’s mission of profitably repositioning assets to maximize their value and create vibrant communities. Nicholas Bicardo of Newmark represented the seller in the transaction.

July 28, 2022

Development Life Sciences Washington Western

Oxford Properties Completes 136,000 SF Boren Lofts Office-to-Lab Conversion in Seattle

by Amy Works July 27, 2022

SEATTLE — Oxford Properties Group has completed the conversion of the 136,000-square-foot Boren Lofts office building into Boren Labs, a life sciences facility in downtown Seattle. Located at 1930 Boren Ave. in the South Lake Union neighborhood, the building features 15,000-square-foot floor plates, pre-built lab suites and move-in-ready research and development suites. The 10-story building features nine levels of labs and support office space, ground-level retail and a newly built amenity floor, which features a shared rooftop deck and conferencing center, fostering collaboration between occupants. The converted building features 15-foot floor-to-floor heights, fully upgraded MEP systems and ample subsurface parking. Each floor also features natural light and a private deck with outdoor access. Current tenants include Icosavax, Tune Therapeutics and GentiBio.

July 27, 2022

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