Western

Consolidated Contracting Completes 122-Unit WellQuest Seniors Housing Project in Menifee, California

by Amy Works February 25, 2022

MENIFEE, CALIF. — Consolidated Contracting has completed construction of WellQuest of Menifee Lakes, senior living community in Menifee, located between Los Angeles and San Diego. The 134,641-square-foot, three-story property features 92 independent living and assisted living units ranging from 470 to 1,017 square feet, as well as 30 memory care units ranging from 386 to 578 square feet. Jonetta Eads, executive director of the facility, predicts the community will be fully occupied by mid-summer. Project consultants included Greg Irwin of Irwin Partners Architects as the architect; Conley360, space planner; Nelson Structural Engineers, structural engineer; Bam Consulting Engineers, civil engineer; United Brothers Concrete, sitework contractor; A Good Plumbing, plumbing; Edge Mechanical, mechanical engineer; Cattrac, grading; Hondo Framing, framing; AME Design Group, mechanical engineer; and Wilson Associates Landscape Architecture, landscape architect. FJ Management was the developer.

February 25, 2022

Acquisitions California Retail Western

JLL Negotiates $23.5M Sale of Goldenwest & Bolsa Shopping Center in Huntington Beach, California

by Amy Works February 25, 2022

HUNTINGTON BEACH, CALIF. — JLL Capital Markets has arranged the sale of Goldenwest & Bolsa, a retail center located at 15031 Goldenwest St. in Huntington Beach. A private equity fund sold the property to a local private investor for $23.5 million. Constructed in 1974 on six acres, Goldenwest & Bolsa features 63,269 square feet of retail space. At the time of sale, the property was 95.4 percent leased to a mix of daily needs and internet-resistant tenants. Gleb Lvovich, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in the transaction.

February 25, 2022

Acquisitions Healthcare Washington Western

Matthews Real Estate Brokers $8.2M Sale of DaVita-Occupied Healthcare Property in Lacey, Washington

by Amy Works February 25, 2022

LACEY, WASH. — Matthews Real Estate Investment Services has arranged the sale of a healthcare building located at 5180 Yelm Highway in Lacey. An undisclosed seller sold the property to an undisclosed buyer for $8.2 million. DaVita occupies the property. Melanie Selleck and Devon Dykstra of Matthews Real Estate Investment Services represented the seller, while Lee & Associates represented the buyer in the deal.

February 25, 2022

Acquisitions California Life Sciences Top Stories

Oxford Properties Acquires 13-Building Life Sciences Portfolio in San Diego for $464M

by Julia Sanders February 25, 2022

SAN DIEGO, CALIF. — Oxford Properties Group has acquired a nine-property, 13-building life sciences portfolio in San Diego. Oxford acquired the portfolio for $464 million. The seller was San Diego-based BioMed Realty, according to The San Diego Union-Tribune. The portfolio includes 650,000 square feet of space, with 12 of the 13 buildings centrally located within San Diego’s Sorrento Valley and Sorrento Mesa submarkets. The properties are 98 percent leased. The portfolio features mainly one- to two-story buildings and a 60/40 life sciences-to-office ratio. The buildings’ features include modern mechanical, electrical and plumbing (MEP) systems and ample tenant parking. According to Oxford Properties, Sorrento Valley and Sorrento Mesa have emerged as epicenters of life sciences growth within San Diego. The firm reports that San Diego recorded over 4 million square feet of leasing volume in 2021, which is an all-time high and 80 percent higher than in 2020. Because of record high demand and limited vacancy, asking rents in San Diego’s life sciences market have increased by 34 percent. The life sciences market in the area is anchored by research institutions and non-profits including San Diego State University, UC San Diego, Scripps Research and the Sanford Burnham Prebys Medical Discovery Institute. …

February 25, 2022

Arizona Industrial Market Reports Western Western Market Reports

No End in Sight for Phoenix’s Industrial Strength

by Jeff Shaw February 25, 2022

By Pat Harlan, Managing Director, JLL Labor, geography, population growth and a steady stream of cost-effective, “speed to market” solutions make Phoenix one of the most dynamic industrial markets in the country. Based on existing fundamentals, 2022 is on track to be another record year. As of third-quarter 2021, Phoenix had landed just under 16 million square feet of net leasing year-to-date. Absorption had improved by more than 28.5 percent in the same 12-month period, to total 8.5 million square feet. Nearly 94 percent of that activity was generated from ecommerce and food and beverage users. Vacancy had also dipped to pre-pandemic levels, falling by 100 basis points year-over-year to just 6.8 percent as of the end of the third quarter of 2021. Construction continues to ramp up, trying to meet a seemingly unending stream of demand. As of the end of the third quarter, there was 16.6 million square feet of metro Phoenix industrial space under development. The West Valley accounts for about 11.3 million square feet of this activity. The Southeast Valley represents an additional 3.4 million square feet. Two of the largest buildings underway in the market right now are the Cubes Glendale, totaling 1.2 million square feet, and Building …

February 25, 2022