Western

Halftery Development, Trinity Investors Receive $39.4M Construction Loan for Shopping Center in French Valley, California

by Amy Works May 2, 2022

FRENCH VALLEY, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $39.4 million in construction financing for French Valley Marketplace, a grocery-anchored shopping center development in French Valley. The nonrecourse loan will provide funds to complete the horizontal and vertical construction of the project. A partnership between Texas-based Trinity Investors and Pasadena-based Halftery Development Co. are leading the fully entitled, 22-acre project. Current tenants include Grocery Outlet, Rite Aid, EoS Fitness, McDonald’s, AutoZone and 7-Eleven. Brandon Wilhite of MMCC and Sunny Sajnani and Todd McNeill of Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing. The origination team is based out of MMCC’s Dallas office. Trez Capital operated as the lender for the transaction.

May 2, 2022

Acquisitions California Retail Western

Marcus & Millichap Arranges Sale of 10,057 SF Golden Sands Plaza in San Bernardino

by Amy Works May 2, 2022

SAN BERNARDINO, CALIF. — Marcus & Millichap has brokered the sale of Golden Sands Plaza, a retail property located at 1090 W. Highland Ave. in San Bernardino. Built in 1962, the 10,057-square-foot property was 90.3 percent leased at the time of sale. A Northern California-based limited liability company sold the asset to another Northern California-based limited liability company for $1.1 million. Julia Evinger of Marcus & Millichap’s Indianapolis office represented the seller and secured the buyer in the deal. Adam Christofferson of Marcus & Millichap’s Los Angeles office served as broker of record for the transaction.

May 2, 2022

Arizona Loans Multifamily Western

Ready Capital Closes $13.3M in Financing for Multifamily Property in Midtown Phoenix

by Amy Works May 2, 2022

PHOENIX — Ready Capital has closed on $13.3 million in financing for the acquisition, renovation and stabilization of a 105-unit apartment community in Phoenix’s Midtown submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan consisting of interior and exterior upgrades. The nonrecourse, interest-only, floating-rate loan features a 36-month term, two extension options and a facility to provide future funding for capital expenditures.

May 2, 2022

California Company News Development Life Sciences Western

Breakthrough Properties Raises $3B to Develop Life Sciences Properties in US, Europe

by Amy Works April 29, 2022

LOS ANGELES — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has closed its Breakthrough Life Science Property Fund. The venture raised $3 billion in direct capital and co-investments, to scale a global portfolio of ecosystems for early-, mid- and late-stage life science companies. Founded in 2019, Breakthrough will use the newly raised funds to finance its ongoing developments, which are in various stages of design, construction and pre-development, as well as and fuel its acquisition of additional opportunities throughout the United States and Europe. The venture currently has 4.6 million square feet of projects in the pipeline across San Diego, Boston and Cambridge, Mass., Philadelphia, Amsterdam and Oxford and Cambridge, UK. In 2021, Breakthrough broke ground on its 515,000-square-foot Torrey View by Breakthrough development, a 10-acre research and development campus in San Diego. The biosciences arm of BD (Becton, Dickinson and Co.) signed a lease at the campus prior to completion.

April 29, 2022

Acquisitions California Office Western

Davlyn Investments Sells Office Building in San Diego to DivcoWest for $76.1M

by Amy Works April 29, 2022

SAN DIEGO — Davlyn Investments has completed the sale of Northridge Summit, a Class A office property located at 12220 Scripps Summit Drive in San Diego’s Scripps Poway Parkway submarket. DivcoWest purchased the asset for $76.1 million. At the time of sale, the single-tenant, 130,000-square-foot building was fully leased. The property features 43,000-square-foot rectangular floorplates, one level of below-grade parking, electric vehicle charging stations and a courtyard. Nick Psyllos, Lynn LaChapelle and Kurt Luedtke of JLL Capital Markets represented the seller in the deal.

April 29, 2022

Acquisitions Hawaii Life Sciences Net Lease Western

SRS Negotiates $50.3M Sale of Life Sciences Property in Honolulu

by Amy Works April 29, 2022

HONOLULU — SRS Real Estate Partners has arranged the leasehold ownership sale of a single-tenant life sciences property located at 93-193 Aiea Heights Drive in Honolulu. iStar, a REIT based in New York City, sold the asset to a private investor for $50.3 million. John Redfield of SRS’ National Net Lease Group represented the buyer and seller in the deal. Built in 1975 and renovated in 2016, the four-story, 81,596-square-foot property sites on 2.7 acres. Clinical Labs of Hawaii occupies the property on a long-term, triple-net lease whereby the buyer acquired the leasehold interest subject to a long-term ground lease.

April 29, 2022

Development Loans Multifamily Oregon Seniors Housing Western

Ziegler Arranges $24M Construction Loan for Onelife Seniors Housing Community in Springfield, Oregon

by Amy Works April 29, 2022

SPRINGFIELD, ORE. — Ziegler has acted as financial advisor in a debt placement totaling $24 million for a new seniors housing community in Oregon. The borrower, Onelife Senior Living, will use the funds to develop Esther Assisted Living Community, a 103-unit property in Springfield, a suburb of Eugene. The Esther will be the fifth assisted living/memory care community owned by Onelife in the state. The financing provides a construction and bridge term for Onelife to build and stabilize the community prior to placing long-term, permanent, fixed-rate financing via long-term agency debt. The transaction was closed with asset management firm Locust Point Capital.

April 29, 2022

Acquisitions Colorado Office Western

Tepuy Properties Sells 43,770 SF Flex Building in Louisville, Colorado

by Amy Works April 29, 2022

LOUISVILLE, COLO. — Tepuy Properties has completed the disposition of a property located at 385 S. Pierce Ave. in Louisville. Centre Point Properties acquired the asset for $8.7 million. The property features 43,770 square feet of flex space. Tepuy originally purchased the property for $2.5 million. Jaime Pletcher of Gibbons White represented the seller, while Cody Stambaugh and Mark Alley of Pinnacle Real Estate represented the buyer in the deal.

April 29, 2022

Acquisitions Development Office Top Stories Washington Western

Hudson Pacific Buys Development Site in Seattle for 546,000 SF Office Project

by John Nelson April 29, 2022

SEATTLE — Hudson Pacific Properties Inc. (NYSE: HPP) has completed its purchase of Washington 1000, a fully entitled office development site in Seattle, for $85.6 million. The Los Angeles-based REIT will break ground immediately on a 546,000-square-foot office tower at the site. The total project costs, including the purchase price of the land, is anticipated to range from $340 million to $360 million. Washington 1000 is located at 1000 Olive Way within Seattle’s Amazon-anchored Denny Triangle submarket. The project will sit directly adjacent to the $1.9 billion Washington State Convention Center Addition project, which is adding numerous retail amenities and streetscape improvements to the neighborhood. Project architects LMN and Callison RKTL are designing Washington 1000 to achieve LEED Gold and Fitwel certifications. The design will appeal to post-pandemic office needs with enhanced HVAC filtration units and antimicrobial finishes at key touchpoints. The design will also allow for flexibility with 36,500-square-foot, column-free floorplates, as well as maximum natural light with high ceilings and floor-to-ceiling windows. The project will feature more than 22,000 square feet of amenity-rich outdoor space, including an indoor-outdoor rooftop lounge and two 5,000-square-foot terraces off the second-floor main lobby. The property will also have an end-of-trip facility that …

April 29, 2022

California Development Office Western

SHVO Unveils Plans for Transamerica Pyramid Center Expansion in San Francisco

by Amy Works April 28, 2022

SAN FRANCISCO — SHVO and architects Foster + Partners have unveiled plans for Three Transamerica at 545 Sansome St. in San Francisco, including the expansion and upgrade of the building to a contemporary, high-design office building. Built in the 1930s, the historic Art Deco structure was originally designed for the California Ink Co. The building’s new design emphasizes sustainability while revitalizing the historic structure. The building’s interior will be completely modernized and brought up to date with current building codes while preserving the integrity of the historic structure. Its two Art Deco façades will be restored, and the building floor plates extended toward Washington Street and Redwood Park creating double-height office spaces. Additionally, new office space will be created above the existing building, set back from the historic Sansome Street façade, creating an additional 50,000 square feet of office space. Estimated development costs were not disclosed. The 10-story building is part of Transamerica Pyramid Center, which also includes an iconic, 48-story, pyramid-shaped anchor building built in 1972. SHVO bought the two buildings and the small, urban park between them in October.

April 28, 2022

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