VISTA, CALIF. — US Divers Co. has completed the disposition of an industrial property located at 2340 Cousteau Court in Vista. Elion ACQ acquired the asset for $22 million. Situated on 8.9 acres, the 134,299-square-foot building features 24,000 square feet of office space, heavy power, eight dock doors, four grade-level doors and 26-foot clear heights. The seller intends to leaseback the facility for one year before relocating to a new location. Rusty Williams, Chris Roth, Greg Pieratt and Jake Rubendall of Lee & Associates Commercial Real Estate Services – North San Diego County represented the seller and buyer in the transaction.
BRIGHTON, COLO. — NitNeil Partners has purchased a self-storage property located at 850 Baseline Road in Brighton. Terms of the transaction, which is the company’s first acquisition in the metro Denver market, were not released. Situated 20 miles northeast of Denver, the single-story, drive-up facility features 450 self-storage units, totaling 64,850 rentable square feet. The property will operate under the CubeSmart brand.
BOZEMAN, MONT., AND SEATTLE — Ziegler has arranged $42.6 million in financing for the acquisition of two seniors housing properties near Seattle and another in Bozeman. The borrower is Radiant Senior Living, which has brought the three properties into its portfolio. The financing consisted of a combination of senior and mezzanine debt, with Congressional Bank providing the senior debt and a national seniors housing fund providing the mezzanine debt. Radiant acquired the portfolio from a publicly traded healthcare REIT as part of its expansion efforts across the country. The properties feature a combined 36 independent living units and 204 assisted living units. Post-acquisition, Radiant’s portfolio totals 18 communities spanning across six states in the Pacific Northwest.
SEATTLE — Amazon (NASDAQ: AMZN) has launched two pharmacy offerings — Amazon Pharmacy and Amazon Prime prescription savings benefit — enabling customers to purchase and complete prescription medication transactions, as well as access savings on medications when paying without insurance, through the Amazon website or its mobile app. Starting this week, customers age 18 or older will have access to Amazon Pharmacy services in 45 states, excluding Hawaii, Illinois, Kentucky, Louisiana and Minnesota. The pharmacy service will accept most forms of insurance and offer discounts on generic and brand-name medications when paying without insurance. As of close on Tuesday, Nov. 17, Amazon shares rose 0.15 percent to $3,135.66. However, stocks of national pharmacies tumbled following the company’s announcement. CVS/pharmacy dropped 8.6 percent, Walgreens lost 9.6 percent and Rite Aid dipped 16.3 percent. Additionally, GoodRx, which helps customers find the best prices on medications, slid 22.5 percent.
SCOTTSDALE, ARIZ. — Fadden Enterprises has completed the sale of Evans Airpark Center, a four-building industrial park located at 8212 and 8224 E. Evans Road and 14555 and 14557 N. 82nd St. in Scottsdale. Portland, Oregon-based Harsch Investment Properties acquired the multi-tenant asset for $17.6 million. Tracy Cartledge, Steve Lindley, Bob Buckley and Michael Kitlica of Cushman & Wakefield’s Phoenix office represented the seller in the transaction. Evans Airpark Center consists of four buildings offering a total of 120,433 square feet of industrial space. The manufacturing/warehouse facility was constructed in the early 1980s, while the remaining three general industrial buildings were constructed in 2006. At the time of sale, the industrial park was 90 percent occupied by multiple tenants.
HENDERSON, NEV. — Brass Cap Development has broken ground on Executive Airport Crossing, an industrial project located on Raiders Way and Dale Street in West Henderson. Totaling 70,000 square feet, Executive Airport Crossing will consist of two freestanding buildings that can be divisible from 14,446 square feet to 40,000 square feet. Both buildings include dock- and grade-level loading areas. Executive Airport Crossing received more than $5 million in investment funding in eight minutes on CrowdStreet, a real estate investing platform that gives investors direct access to individual commercial real estate investment opportunities. This is the first Brass Cap Development project funded through CrowdStreet. Las Vegas-based LM Construction Co. is serving as design-build general contractor for Executive Airport Crossing, which is slated for completion in June 2021. Paul Sweetland and Jerry Doty of Colliers International | Las Vegas will handle sales for the project.
CARMICHAEL, CALIF. — Blue Sky has purchased a medical office property located at 6555 Coyle Ave. in Carmichael. A private investment group sold the asset for an undisclosed price. Situated on Mercy San Juan Medical Center campus, the building features 99,000 square feet of specialty medical office space. Dignity Health is a tenant at the property. Blue Sky acquires, builds, finances and operates facilities for and on behalf of mission-based organizations to deliver optimate cost savings and solutions. Bill Swettenham and Eric Ortiz of The Swettenham Ortiz Healthcare Team at Colliers International represented the buyer in the deal.
SAN DIEGO — The San Diego City Council has unanimously approved the 200-acre Riverwalk San Diego mixed-use project. Developer Hines plans to transform the existing Riverwalk golf course in western Mission Valley into a transit-oriented development. Project costs are estimated at $3 billion, according to The San Diego Union-Tribune. A new San Diego Metropolitan Transit System Green Line trolley stop and town square will anchor the project. Hines expects to break ground in the second half of 2021. Of Riverwalk’s 4,300 multifamily units, 10 percent will be designated as income-qualified affordable housing. Floor plans will range from studios to three-bedroom units. The project will feature 1 million square feet of office space and 152,000 square feet of retail space. Nearly 100 acres will be dedicated to open space and a regional park. Hines will also restore the stretch of the San Diego River that runs through Riverwalk. Plans call for bike and walking paths as well as an extension of the San Diego River Trail. “Riverwalk is an opportunity to provide something really special for San Diego,” says Eric Hepfer, managing director with Hines. “Our vision from the beginning was to create a village where people would have the option …
RICHMOND, CALIF. — TJL Properties has completed the disposition of a light industrial warehouse and office facility located in the East Bay community of Richmond. An institutional investor acquired the asset for $50.1 million. Situated on 12.3 acres at 700-702 National Court, the asset features 267,500 square feet of light industrial and office space. The property comprises a 250,500-square-foot industrial warehouse and a 17,000-square-foot office building. The industrial component features 22-foot clear heights and 15 dock-high, two grade-level and four rail doors. At the time of sale, the facility was triple-net leased to a beverage distribution company. Ryan Sitov, Tony Beatty, Mark Detmer and Andie Fezell of JLL Capital Markets represented the seller in the deal.
COSTA MESA, CALIF. — Invesco Real Estate, along with Steelwave and 5_Ronin, has completed the base build for Phase I of The Press in Costa Mesa. The development team is transforming the former Los Angeles Times newsroom, printing press and distribution facility into a mixed-use creative work campus and social hall. Upon completion in fourth-quarter 2020, the project will offer 380,856 square feet of modern creative office space and 50,909 square feet of retail space. Situated on 24 acres at 1375 Sunflower Ave., the property features a 1.5-acre park and improved outdoor space, as well as accessibility to John Wayne Airport and the residential markets of Newport Beach and Irvine. Jay Nugent and George Thomson of Newmark are handling office leasing for the project. Retail Insite’s Chris Hodgman and The Lab’s Jason House are serving as leasing agents for the retail portion of the asset.