CARLSBAD, CALIF. — Rexford Industrial has completed the sale of Newton Corporate Center, an industrial research and development property situated on 4.5 acres in Carlsbad. Elion Partners acquired the asset for $18.6 million. The 71,602-square-foot property is fully leased to four tenants with 2.8 years of weighted average lease term. Built in 1997 and renovated in 2009 and 2016, the property features 50 percent office space and 50 percent warehouse space. Bret Hardy, Sean Fulp, Sean Plummer and Mark Schuessler of Newmark represented the seller, while Greg Pieratt of Lee & Associates represented the buyer in the transaction.
By Alexandra Loye, Senior Vice President, Healthcare & Life Sciences Services, Colliers Despite global and domestic market challenges from the pandemic, Phoenix continues to shine amongst its competitive Western cities. With Maricopa County being the fastest-growing county in the U.S., Phoenix offers employers a diverse, educated workforce, business-friendly environment and affordable housing options. Arizona’s economy is booming and experiencing record revenue growth, as well as personal income growth. From 2019 to 2020, Arizona led the nation (tied with Montana) in the category of highest personal income growth with a 7.1 percent increase. The state is also projected to add 325,000 jobs in the next 12 months. Phoenix’s life sciences industry has gained significant momentum during the past 12 months, with no slowdown in sight. The Phoenix Biomedical Campus (PBC) in downtown Phoenix is ground zero for life sciences development and tenant activity. The 30-acre campus is currently occupied by Arizona State University, the University of Arizona, Northern Arizona University, Translational Genomics Research Institute (TGen), OncoMyx Therapeutics, Calviri, Vidium Animal Health, and Exact Sciences, which recently acquired Paradigm Diagnostics and Ashion Analytics. The PBC is the ideal environment when it comes to collaboration and innovation for life sciences tenants. The 227,000-square-foot, …
Principal Real Estate Investors Sells 148,652 SF Lincoln Plaza Office Campus in Bellevue, Washington
BELLEVUE, WASH. — Des Moines, Iowa-based Principal Real Estate Investors has completed the disposition of Lincoln Plaza, an office campus located at 11225, 11235 and 11245 SE Sixth St. in Bellevue. New Rock Acquisition purchased the 148,652-square-foot asset for an undisclosed price. Situated on 9.1 acres, the three-building property was 90 percent occupied by 20 tenants at the time of sale. Tom Pehl, Todd Tydlaska, Charles Safley, Lou Senini, Paige Morgan and Chais Lowell of CBRE Capital Markets represented the seller in the deal. Brad Zampa and Mike Walker of CBRE arranged acquisition financing for the buyer. Scott Davis and Tim Owens, also of CBRE, will continue to handle leasing under the new ownership.
CAMBRIA, CALIF. — San Diego-based Pacifica Cos. has completed the sale of El Colibri Hotel & Spa, a coastal boutique hotel in Cambria. Aliso Viejo-based Pacifica Hotels acquired the property for an undisclosed price. El Colibri Hotel & Spa features 34 guest rooms, the Nest Day Spa, a self-pour wine and beer tap wall, Tesla charging stations and beach cruiser rentals. Scott Hall and Aaron Lapping of Berkadia San Diego represented the seller in the transaction.
SANTA MONICA, CALIF. — Mandri Capital has arranged $14.1 million in combined financing to capitalize the acquisition and renovation of an apartment building located at 927 Ocean Ave. in Santa Monica. The borrower is Axis Development Group. The structured financing included a debt fund bridge loan, preferred equity and a joint-venture equity partner — providing 97 percent of the total project capitalization. Axis plans to restore the property, which was originally constructed in 1922. The renovation will provide residents with ocean views and access to world-class amenities. Upon completion, the property will offer 20 residences.
Coldwell Banker Commercial Brokers $3.8M Acquisition of Industrial Building in Riverside, California
RIVERSIDE, CALIF. — Coldwell Banker Commercial has arranged the purchase of a multi-tenant industrial property located at 661 Arlington Ave. in Riverside. The asset traded for $3.8 million. The names of the seller and buyer were not released. Constructed in 1989 on 1.7 acres, the building features 25,850 square feet of industrial space. Carey Paster of Coldwell Banker Commercial SC represented the buyer in the transaction. The buyer plans to hold the property as an investment.
PHOENIX — Orion Investment Real Estate has brokered the sale of an infill land parcel located on Central Avenue in Midtown Phoenix. The buyer, an undisclosed developer, is assembling the adjoining parcels to develop a 144-unit multifamily property. The development site sold for $2.4 million, or $80.58 per square foot. Nick Miner of Orion represented the undisclosed seller in the deal.
LAS VEGAS — Blackstone (NYSE: BX) has entered into an agreement to sell The Cosmopolitan hotel and casino in Las Vegas to locally based hospitality and entertainment owner-operator MGM Resorts International (NYSE: MGM) for $5.6 billion. Blackstone originally acquired The Cosmopolitan in 2014 for approximately $1.6 billion, according to The Wall Street Journal. The firm subsequently invested more than $500 million in capital improvements to renovate the property’s 3,000 existing hotel rooms; add 67 new rooms and suites; enhance and expand the food and beverage offerings; and upgrade common areas and amenity spaces. Under the terms of the agreement, MGM will acquire the operations of The Cosmopolitan and sign a long-term net lease with a partnership between Cherng Family Trust, alternative investment firm Stonepeak Partners and Blackstone Real Estate Income Trust Inc. The deal is expected to close in early 2022. The Journal also reported that as of Friday, Sept. 24, The Cosmopolitan’s hotel rooms had been 87 percent occupied during the current month, with an average daily room rate of $448. The Cosmopolitan originally opened in 2010. In addition to its 3,000-plus hotel rooms, the development features a 110,000-square-foot casino; 300,000 square feet of retail and restaurant space; 150,000 …
PHOENIX — Weidner Apartment Homes has completed the disposition of Accolade, an apartment community in Phoenix. Knightvest Capital acquired the asset for $155 million, or $282,847 per unit. Constructed in 1984 on 28 acres, Accolade features 548 apartments, four swimming pools, two spas, a resident clubhouse, leasing office, open-air conference room and cybercafé. Apartments offer full-size washers/dryers, wood-style vinyl flooring, walk-in closets and private patios or balconies. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
PICO RIVERA, CALIF. — DAUM Commercial Real Estate has arranged the acquisition of an industrial property located at 8500 Mercury Lane in the Los Angeles suburb of Pico Rivera. Chicago-based CenterPoint Properties acquired the property from the undisclosed occupant for $63 million in an off-market, sale-leaseback transaction. The 173,134-square-foot facility features a 32-foot clear heights, 24 dock-high doors with the potential for six additional doors and an ESFR sprinkler system. The asset is situated less than two miles from Interstate 5. Jordan Lara, Rudy Lara and Nick Peukpiboon of DAUM handled the transaction.