BLYTHE, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at 1900 E. Hobsonway in Blythe. A private investor sold the asset to an individual/personal trust for $1.7 million. A Mobil gas station and convenience store occupies the 2,816-square-foot retail property. Bruce Haulley of Marcus & Millichap’s Palm Springs office represented the buyer and seller in the deal.
SEATTLE — BioMed Realty, a San Diego-based owner-operator of healthcare real estate and a Blackstone portfolio company, has acquired a life sciences development site in Seattle. The sales price was $127 million, according to The Puget Sound Business Journal. BioMed plans to develop 616,000 square feet of life sciences space at the site, which is known as Denny Park South and comprises two adjacent parcels totaling 1.6 acres in South Lake Union/Denny Triangle neighborhood. The location is also near a variety of healthcare facilities and research institutions, notes Jon Bergschneider, president of West Coast markets at BioMed Realty. “The South Lake Union/Denny Triangle cluster is flush with renowned research institutes like the University of Washington School of Medicine, Gates Foundation, Fred Hutchinson Cancer Research Center and the Allen Institute, as well as large tech users such as Amazon, Meta and Apple,” he says. Following this development, BioMed’s life sciences portfolio in Seattle, which includes the recently completed flagship Dexter Yard project in South Lake Union, will total approximately 1.8 million square feet. A tentative construction timeline for the Denny Park South project was not disclosed. The acquisition of Denny Park South follows BioMed’s purchase of T6 Innovation Center, located at …
LOS ANGELES — JLL Capital Markets has arranged $328.8 million in acquisition financing for a five-property apartment portfolio in downtown Los Angeles. The borrower is Laguna Point Properties. Totaling 1,037-units, the portfolio includes four historic pre-war buildings and a 1959-vintage building converted from an office asset. The properties are the 184-unit Lofts, 214-unit Main, 198-unit Manhattan, 178-unit Spring and 263-unit Tower, all of which underwent conversions to multifamily assets between 2007 and 2010. Charles Halladay, Jamie Kline and Charlie Vorscheck of JLL Capital Markets Debt Advisory team secured the three-year, floating-rate acquisition loan, which offers two 12-month extension options, through MF1 Capital. The seller was not disclosed.
COSTA MESA, CALIF. — Avanath Capital Management LLC has acquired St. John’s Manor, a 36-unit affordable seniors housing community in the Orange County city of Costa Mesa, for $11.8 million. Built in 1984 and renovated in 2007, St John’s Manor is currently 100 percent occupied. This acquisition comes on the heels of Avanath’s acquisition of The Overlook at Anaheim Hills, a 261-unit seniors housing community in Anaheim, and The Grove Senior, an 85-unit seniors housing community in Garden Grove. “We entered the Orange County market earlier this year, and plan to continue to be extremely bullish in the region,” says John Williams, president and CIO at Avanath. “Seniors housing is an asset class that remains particularly of interest to us as it has been one of the best performing asset types within our portfolio throughout the pandemic.” Avanath currently owns more than 13,000 units across the United States, 2,550 units of which are age-restricted senior apartments. “There is an increasing need for affordable housing for seniors, especially in high-priced areas of Orange County,” says Williams. “Baby boomers, a large percentage of whom are expected to reach retirement age by 2030, will be looking to downsize and seek quality options that are …
YUMA, ARIZ. — Arlington, Va.-based FD Stonewater has acquired Alside Distribution Center in Yuma from Phoenix-based Merit Properties for an undisclosed price. Located at 7550 E. 30th St., Alside Distribution Center features 222,554 square feet of manufacturing and distribution space with 25-foot clear heights, 22 dock-high doors and trailer storage. Alside, a division of Associated Materials, has occupied the single-tenant building since it was originally developed in 2005. The 21.1-arce site, which provides additional expansion opportunities, is under a ground lease owned by the tenant, with 74 years remaining. The tenant is a manufacturer and distributor of vinyl windows, siding and doors. Barry Gabel, Chris Marchildon and Dan Calihan of CBRE represented the seller in the deal.
TORRANCE, CALIF. — Anchor Point Capital has arranged the sale of Pacific Plaza, a multi-tenant retail center located at 2382, 2390 and 2396 Crenshaw Blvd. in Torrance. A private family fund acquired the property from an undisclosed seller for $16.9 million. Woori Bank, Subway and The UPS Store are tenants at the 28,000-square-foot property. Eric Vu of Newport Beach-based Anchor Point Capital handled the transaction.
BISHOP, CALIF. — Marcus & Millichap Capital Corp. has secured $5.2 million in acquisition financing for a retail building located at 1320 N. Main St. in Bishop. Grocery Outlet occupies the 20,000-square-foot, single-tenant property, which was built in 2019. Richard Knorr of Marcus & Millichap Capital Corp. arranged the 10-year fixed-rate loan, which has a 60 percent loan-to-value ratio and a 3.25 percent interest rate. The name of the borrower was not released.
By Elizabeth Capati, Associate, Colliers Greater Los Angeles A new trend has emerged across Greater Los Angeles’ industrial market that has developers waiting for under-construction projects to capture the highest possible rent near the final development stages or closer to their target completion dates. With rents increasing at historical rates, a certain hesitancy exists, and companies are less likely to sign a lease during earlier development stages. In some instances, landlords ask listing agents to place certain buildings or projects on the market months in advance to build momentum and pique interest. Still, those landlords elect not to review offers until a month or two before their target completion date. Los Angeles is a land-constrained market where all new developments come from knocking down older, functionally obsolete buildings or conversions from other property types. The more contemporary, state-of-the-art facilities with the tallest warehouses and functional loading set the high water mark for new lease rates. With a 0.6 percent vacancy across an 862-million-square-foot market, tenants will continue to aggressively bid for any new big box space that comes to market. The South Bay and San Gabriel Valley markets are the only areas with more than 1 million square feet of development activity. Activity and Incentives …
PHOENIX — A joint venture between Medistar Corp., GMH Communities and CBRE Investment Management has broken ground on Central Station, a 1 million-square-foot mixed-use development in downtown Phoenix. Situated adjacent to Civic Space Park and Arizona State University’s Downtown Phoenix Campus, Central Station will feature two residential towers, 30,000 square feet of retail space, 70,000 square feet of creative office space and two levels of below-ground parking with 430 spaces. One tower, a 22-story student housing building, will be fully furnished and comprise 655 beds ranging from micro studios to four-bedroom units catering to undergraduate and graduate students, as well as young professionals. The apartments will feature smart technology, amenities and service designed to meet the needs of urban residents. The second building, a 33-story residential tower, will include 362 units with smart-tech amenities. All residents will have access to an outdoor amenity deck that includes barbecue grills, fire pits and a resort-style pool. Central Station is slated to open in late 2024. The project is a public-private partnership with the City of Phoenix retaining ownership of the land and the development partners entering into a long-term lease for the project. Gould Evans designed the project and Layton Construction will …
SCOTTSDALE, ARIZ. — Greystone has arranged a $140 million loan package for both the refinancing and expansion of Maravilla Scottsdale, a seniors housing community in Scottsdale. Phase I of the community comprises a fully stabilized, 217-unit independent living, assisted living and memory care property. Opened in 2012, the community has received multiple awards, including being named Best 50+ CCRC Community by the National Association of Home Builders (NAHB), Best Multi-Family Project by Arizona Commercial Real Estate (AZRE), and Ten Best Places to Live by Arizona Foothills Magazine. Phase II of Maravilla Scottsdale is a planned 193-unit independent living community on the same parcel as Phase I that will overlook the TPC Scottsdale Golf Course. Spread over 11 acres with multiple common area spaces, the latest phase is scheduled for completion in mid-2023. Greystone’s seniors housing capital markets team, led by Cary Tremper and Matt Miller, arranged the financing from a national bank on behalf of Senior Resource Group LLC.
