Western

Pacific Oak Sells Orange County Office Tower for $150.5M

by Kristin Harlow August 11, 2021

ORANGE, CALIF. — Pacific Oak Strategic Opportunity REIT Inc. has sold City Tower, a 435,000-square-foot Class A office tower in Orange County, for $150.5 million. Opal Holdings, a New York City-based real estate investment firm, was the buyer. The 20-story property is located at 333 City Blvd. in Orange, about three miles north of Santa Ana and 30 miles southeast of Los Angeles. The building was 90 percent leased at the time of sale to tenants such as UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces. Developed in 1988, City Tower recently underwent a $3 million renovation that included upgrades to the lobby, a state-of-the-art fitness center, conference center and new building entryway. The property is certified LEED Gold. “We increased occupancy by almost 15 percent over the past three years and are proud of the improvements and value we created during our ownership,” says Michael Potter, senior vice president with Pacific Oak, which purchased City Tower for $147.2 million in March 2018 when it was 78 percent occupied. Pacific Oak Strategic Opportunity REIT is a public, non-traded corporation headquartered in Los Angeles. The REIT manages a portfolio valued in excess of $2 billion comprised primarily of office, apartment, …

August 11, 2021

California Market Reports Multifamily Western Western Market Reports

Investors Look to Orange County Multifamily Sector for Stability, Diversification

by Jeff Shaw August 11, 2021

By Dan Blackwell, Executive Vice President, CBRE Demand for multifamily properties in Orange County continues to show great strength. This is driven by steady rent collections and favorable interest rates as apartments in the region have performed well during the pandemic. As investors look to buy stable, income-producing assets in Southern California, the focus on the multifamily sector in our region has intensified. We have witnessed increasing interest from first-time buyers over the past few weeks, in addition to continued interest from 1031 exchange investors and those who sat on the sidelines during much of 2020. This demand is buoyed by willing lenders offering favorable interest rates in the low 3 percent range due to the area’s excellent rent collection track record. Most buyers are looking for 50 percent to 60 percent leverage, with in-place capitalization rates typically ranging between 3.75 percent and 4.25 percent, depending on location. However, given the limited supply, we are seeing buyers bid pricing higher and cap rates compressing for many assets. Private investors continue to be the predominate buyers, mainly driven by the need for diversification and a stable cash flow. We are receiving more requests from LA County investors that may have sold a multifamily …

August 11, 2021

Development Industrial Utah Western

Pacific Industrial Breaks Ground on 824,000 SF Logistics Facility in Salt Lake City

by Madison Pettway August 10, 2021

SALT LAKE CITY — Pacific Industrial has broken ground on the Pacific Summit Logistics Center, an 824,000-square-foot industrial building in Salt Lake City. Pacific Industrial purchased the 48-acre property in an off-market transaction and began construction the day after the sale closed. The development will be located at 885 N. John Cannon Drive in the Northwest Quadrant, Salt Lake City’s most sought-after submarket, and adjacent to the Salt Lake City International Airport, with easy access to I-80, I-215 and I-15. The project is being built on a speculative basis. The project will be feature 131 dock-high doors in a cross-dock configuration, oversized truck courts that are up to 213 feet deep, and a minimum clear height of 40 feet. Construction is slated for completion in the second quarter of 2022. Pacific Industrial is a privately held real estate development and acquisition firm based in Southern California.

August 10, 2021

Acquisitions Colorado Northmarq Office Western

NorthMarq Secures Nearly $60.1M in Acquisition Financing for Office Portfolio in Denver

by Madison Pettway August 10, 2021

DENVER — NorthMarq has secured nearly $60.1 million in acquisition financing through a credit union for a two-property office portfolio in the Denver Tech Center submarket. The office portfolio includes the 273,963-square-foot Stanford Place I, financed for nearly $37. 7 million, and the 202,158-square-foot Yosemite, financed for $22.4 million. Stanford Place I, located at 8055 E. Tufts Ave., is a 14-story building that is approximately a quarter mile from I-25 and I-225. Yosemite, located at 6455 S. Yosemite St., is a 10-story office building within walking distance of a light rail system and several retail amenities. The 10-year, fixed-rate loan includes three years of interest-only payments followed by a 30-year amortization schedule. NorthMarq secured the loan for the borrower, Alturas Capital Partners LLC.

August 10, 2021

California Industrial Western

CBRE Arranges Sale of Industrial, R&D Property in Carlsbad, California for $19.4M

by Madison Pettway August 10, 2021

CARLSBAD, CALIF. — CBRE has arranged the sale of an industrial and R&D property in Carlsbad for $19.4 million, or $253 per square foot. A private, Los Angeles-based buyer acquired the property as part of a 1031 exchange. CBRE represented the private seller, also based in Los Angeles, in the transaction. The 76,767-square-foot property comprises three buildings, which were fully leased at the time of the sale to a mix of companies specializing in life science, medical devices and research and development. The project features collaborative space, including an open-air courtyard connecting the buildings. The asset is adjacent to Palomar Airport Road, a major east-west thoroughfare that averages over 32,000 cars per day. The property sits two miles east of I-5, connecting Carlsbad to the rest of San Diego County.

August 10, 2021

California Leasing Activity Office Western

Cushman & Wakefield Brokers 96,505 SF Lease Transaction at Roseville Innovation Park Near Sacramento

by Madison Pettway August 10, 2021

ROSEVILLE, CALIF. — Global health care company Penumbra has expanded into an additional 96,505 square feet of Class A office and lab space at Roseville Innovation Park in Roseville, approximately 16 miles northeast of Sacramento. The new lease at 620 Roseville Parkway will bring Penumbra’s total occupancy within the business park to over 254,000 square feet of Class A space. Penumbra initially leased approximately 157,000 square feet in the neighboring 630 Roseville Parkway building in 2018. Cushman & Wakefield’s Sacramento office represented the landlord in the transaction. Roseville Innovation Park is jointly owned by Farallon Real Estate Partners and Strada Investment Group. The business park is a Class A campus offering numerous amenities, including retail, entertainment and residences within a short distance. Penumbra also has exclusive access to a newly installed outdoor recreation, dining, and break-out space at its 630 Roseville Parkway address. Headquartered in Alameda, Calif., Penumbra is a healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need.

August 10, 2021

Colorado Industrial Leasing Activity Western

Three New Tenants Sign Leases Totaling Nearly 67,000 SF at JAG Logistics Center Industrial Park in Aurora, Colorado

by Madison Pettway August 10, 2021

AURORA, COLO. — JAG Logistics Center @ Den, a 265-acre industrial park being developed south of Denver International Airport in Aurora, has added three new tenants to the recently completed Trade 2 building. The 188,000-square-foot asset is owned, managed and developed by JAGreen Development. The warehouse space features mezzanine level office space, on-site trailer parking and cross dock design. MAI Mechanical, a mechanical and plumbing subtractor, leased 16,390 square feet of space at the Trade 2 building. TruTeam, an installer of insulation and building products, leased 24,830 square feet. General Logistics Systems US Inc., a logistics and delivery company, leased 25,480 square feet. Cushman & Wakefield’s Aaron Valdez, Alec Rhodes and Tyler Smith represented the landlord in each transaction. Trade 1, also totaling 188,000 square feet, is already 100 percent leased.

August 10, 2021

Megan Eckart Baird Datacenter Development

Bohler Content Partner Data Centers Development Features Industrial Midwest Northeast Southeast Texas Western

Data Center Development Download: What Makes a Great Site?

by Sarah Daniels August 10, 2021

As more aspects of our lives become digital, the need for data centers is increasing exponentially. COVID fast-tracked the upsurge in data center demand, as businesses worldwide transferred communications and operations to digital platforms — but the need for data centers is permanent. “With an increase in devices needing to connect to each other and the Internet of Things (IOT), the amount of data needed to do this will always be growing, furthering the demand for additional space within data centers,” says Megan Baird, Professional Engineer (PE), a senior project manager at Bohler, a land development consulting and technical design firm. Getting the right space with the right zoning, utilities and market timeline can be a daunting task that requires extensive planning. Baird says three major factors determine whether a site is a prime data center opportunity: utilities, zoning and space. Plus, Baird explains how to get a property to market once the planning is done. [box style=”4″] What’s Available to Help Developers Tax incentives vary by state and locality and can depend on the number of jobs created, equipment used or amount of money invested. Overlay districts are a regulatory tool where jurisdictions specify additional restrictions/allowances in addition to …

August 10, 2021

Acquisitions Colorado Healthcare Illinois Industrial Life Sciences Midwest Office Top Stories Western

NexCore, Nuveen Acquire National Medical Office and Life Sciences Portfolio for $620.4M

by John Nelson August 10, 2021

CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …

August 10, 2021

Loans Mixed-Use Washington Western

Gantry Arranges $32.5M Loan for Refinancing of Off-Campus Student Housing Mixed-Use Development near Seattle

by Madison Pettway August 9, 2021

LYNWOOD, WASH. — Commercial mortgage banking firm Gantry has arranged a $32.5 million loan to refinance a newly completed, privately built student housing community adjacent to Edmonds College in Lynwood, located about 17 miles north of Seattle. Triton Court offers 104 units with 220 total beds, including more than 13,000 square feet of retail space and more than 15,000 square feet of office space. The property is the result of a quasi-public/private partnership, wherein a private developer built and owns the complex managed by the Housing and Residence Life Office of Edmonds College. Gantry’s Mike Wood and Alex Saunders worked with the borrower, a privately held limited liability company, to structure the funding. The loan was placed with a debt fund and carries a competitive, fixed interest rate with payments on an interest-only basis for the 10-year loan term. Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm

August 9, 2021

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