Western

Lincoln Property, FCP Plan 450,000 SF Colorado Research Exchange Life Sciences Campus in Broomfield

by Jeff Shaw May 3, 2022

BROOMFIELD, COLO. — Lincoln Property Co. (LPC) and FCP, both privately held real estate investment companies, have unveiled plans for the Colorado Research Exchange (CoRE), a 450,000-square-foot life sciences campus in Broomfield. Construction is scheduled to begin this fall for completion in early 2024. Located approximately midway between Denver and Boulder, CoRE will comprise four buildings, three of which will be four- to five-story tenant buildings ranging from approximately 110,000 to nearly 200,000 square feet. The fourth property, a shared amenity center for all tenants, will total 15,960 square feet and feature a fitness center, locker rooms, bike storage, tenant lounge with fireplace, outdoor terrace, conference/training facility and a food market. Each tenant building boasts views of the Front Range section of the Rocky Mountains, while green space connects each of the properties. Development cost estimates were not disclosed. The developers selected Broomfield due to its highly educated workforce and close proximity to two major metro areas. Current demand for life sciences space in this area has reached over 1.4 million square feet and continues to grow as companies focus on the market for its access to talent, capital and business-friendly environment, according to the developers. The partnership expects CoRE …

May 3, 2022

Acquisitions California Multifamily Western

Kennedy Wilson Buys Three Multifamily Properties in the Southwest for $418M

by Amy Works May 2, 2022

LAS VEGAS; SCOTTSDALE, ARIZ.; AND ALBUQUERQUE, N.M. — Kennedy Wilson has acquired three multifamily communities totaling 1,110 units in three separate off-market transactions for $418 million, excluding closing costs. The properties are Palms at Peccole Ranch in Las Vegas, La Privada in Scottsdale and San Miguel del Bosque in Albuquerque. The company invested $255 million of total equity in the three communities, which are expected to generate approximately $15 million of initial annual net operating income to Kennedy Wilson. Beginning immediately, Kennedy Wilson will implement a $19 million value-add asset management plan, including renovating more than 65 percent of existing units, refreshing common areas and enhancing amenities to further grow net operating income.

May 2, 2022

California Development Industrial Western

Majestic Realty, Sunroad Enterprises Start Construction of 1.1 MSF Spec Industrial Expansion in San Diego

by Amy Works May 2, 2022

SAN DIEGO — Majestic Realty Co. and Sunroad Enterprises have started construction on the second half of their four-building Landmark at Otay development, located at the intersection of state routes 905 and 125 in San Diego. Construction is underway on 50 acres of the 67-acre master-planned development, including a 240,975-square-foot building at 1610 Landmark Road and a 235,085-square-foot building at 1910 Landmark Road. Both buildings will feature 36-foot ceiling clearance and 185-foot secure truck courtyards with individual trailer storage. Additionally, the buildings will offer ESFR fire systems, 51 trailer parking stalls, 40 dock-high doors and two ground-level doors with ramps, as well as Superflat warehouse floors and building-wide clerestory windows. Mark Lewkowitz, Chris Holder and Will Holder of Colliers San Diego are marketing and leasing Phase II of the project. Completion is slated for February 2023. The development team plans to break ground on Phase III, a two-building component including 150,000-square-foot and 115,000-square-foot buildings, this summer.

May 2, 2022

California Development Loans Restaurant Retail 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

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