SOUTH SAN FRANCISCO, CALIF. — Boston Properties has entered into a joint venture with Alexandria Real Estate Equities to develop, own and operate approximately 1.1 million square feet of existing office and lab properties in South San Francisco. Additionally, the partnership will have an opportunity to expand the campus through approximately 640,000 square feet of future development. Upon completion of the master development plan, the joint venture expects to own a 1.7 million-square-foot life science campus, including a mix of office and lab buildings. Boston Properties and Alexandria will each have an approximately 50 percent ownership in the joint venture once complete. Under the agreement, Boston Properties contributed 601, 611 and 651 Gateway Blvd., three existing office properties that total approximately 768,000 square feet, plus developable land. Alexandria contributed approximately 313,000 square feet of existing properties, including lab, office and amenity buildings, as well as developable land.
LAS VEGAS — Dermody Properties has acquired two logistics centers in Las Vegas for an undisclosed price. The properties are Pama Distribution Center I at 1385 E. Pama Lane and Lone Mountain Distribution Center I at 2628 E. Lone Mountain Road. The two multi-tenant, concrete tilt-up buildings offer a combined total of 158,166 square feet, ample dock-high and grade-level doors, and abundant parking. At the time of acquisition, both buildings were fully leased. Additional terms of the transaction were not disclosed.
PERRIS, CALIF. — Dedeaux Properties has purchased an industrial-zoned, 9.6-acre land parcel, located at 5150 Walnut Ave. in Perris, for $2.2 million in an off-market transaction. The company plans to develop an industrial facility on the site. Cody Lerner and Stan Nowak of Avison Young’s Ontario, Calif., office represented the buyer and the seller, a private entity, in the deal. The planned 205,000-square-foot facility will include office space, 36-foot clear heights, 28 docks and parking for 42 trailers.
AURORA, ORE. — Columbia Helicopters has completed the sale-leaseback of its asset portfolio in Aurora. New York-based W.P. Carey, a net-lease REIT, acquired the properties for an undisclosed price. Columbia Helicopters, a helicopter manufacturing and operations company, fully occupies the portfolio, which totals 187,016 square feet. Located at 14451 Arndt Road, the campus features 15 buildings. Founded in 1957, Columbia Helicopters provides heavy-lift aviation services, military transport, firefighting, and oil and gas support helicopters. The facilities included in the portfolio sale are mission critical, including offices, shop facilities, an engine test center, training spaces and a wastewater treatment facility. Erik Foster, Mike Wilson and Ryan Carlino of Avison Young represented the seller in the deal.
ONTARIO, CALIF. — Lee & Associates Orange has arranged the sale of a commercial asset located at 4480 Ontario Mills Parkway/745 Franklin Ave. in Ontario. Almaz Investment & Management sold the building to a private individual for $4.2 million. Allen Buchanan, Joshua Harper of Lee & Associates’ Orange, Calif., office and David Mudge of Lee & Associates’ Riverside, Calif., office represented the seller, while Greg Martin of Lee & Associates’ Ontario, Calif., office represented the buyer in the deal. At the time of sale, the two-unit, 9,545-square-foot building was a fully built-out surgery center that had only one tenant.
TUCSON, ARIZ. — Nelson Partners Student Housing has acquired Sol y Luna, a 977-bed student housing community serving the University of Arizona in Tucson, for $200 million. The 14-story property was developed in 2013, and features 341 units alongside 9,140 square feet of retail space. The community offers one-, two-, three-, four- and five-bedroom, fully furnished apartments. Shared amenities include an outdoor television lounge, rooftop pool, hot tub, steam room, fitness center, yoga and dance studio, outdoor study area, computer lounge and private study spaces. TSB Realty brokered the acquisition of the community. The seller in the transaction was undisclosed.
DENVER — CBRE has arranged the sale of Torrey Pines, a multifamily property located at 7575 E. Arkansas Ave. in Denver. Greenwood Village, Colo.-based Vukota Capital sold the asset to Los Angeles-based Marble Partners for $46.2 million. Dan Woodward, David Potarf and Matt Barnett of CBRE represented the seller in the deal. Built in 1980, the 15-building community features 203,640 square feet of rentable space across 235 apartments. Community amenities include 58 covered parking spaces, 353 open parking spaces, a clubhouse, fitness center, swimming pool and fenced dog park.
RANCHO CORDOVA, CALIF. — Marcus & Millichap Capital Corp. has arranged the $27 million refinancing of a 137-bed seniors housing asset in Rancho Cordova, a suburb of Sacramento. The 80,000-square-foot property, one of Summerset Senior Living’s two locations, offers assisted living and memory care. It was built in 2016. The new loan replaces $17 million in bridge financing that Marcus & Millichap also arranged. The refinancing features a 10-year term and a fixed rate. The lender was not disclosed.
NEWARK, CALIF. — Buchanan Street Partners has purchased Newark Tech Park, an office and life sciences asset in Newark. New York-based Time Equities sold the property for $26.2 million. Located at 8000 and 8100 Jarvis Ave., the two-building project features 99,716 square feet of space. Built in 2001, the park offers efficient floor plates, 16-foor clear heights and building spaces that can accommodate tech and biotech space. Buchanan financed the acquisition through assuming an in-place CMBS loan on the building at 8000 Jarvis Ave. and secured a new bank loan for the building at 8100 Jarvis Ave. Peter Thompson of JLL assisted with the bank financing. Grant Lammersen, Steve Golubchik, Tyler Myerdirk and Edmund Najera of Newmark Knight Frank represented the seller in the transaction.
TOLLESON, ARIZ. — TriGate Capital has completed the sale of Crossroads at Tolleson, a regional shopping center located at 9897 W. McDowell Road in Tolleson. An undisclosed buyer acquired the asset for $24.5 million, or $248 per square foot. At the time of sale, the 98,598-square-foot center was 96 percent leased by a variety of tenants. Current retailers include NAPA Auto Parts, Sherwin-Williams, Cricket Wireless, Sprint, Verizon, OneMain Financial, DXL and Firehouse Subs. Chad Tiedeman and Steven Underwood of Phoenix Commercial Advisors represented the seller in the deal. Zach Pace, Nick DeDona and Drew Butler, also of Phoenix Commercial Advisors, handled leasing for the property.