SPOKANE VALLEY, WASH. — Marcus & Millichap has arranged the sale of Sprague & Sullivan Storage, a self-storage facility located in Spokane Valley. Dean and Elizabeth Grafos sold the asset for an undisclosed price. The name of the buyer was not released. Thomas Parsons and Adam Schlosser of The LaClaire Group of Marcus & Millichap represented the sellers in the transaction. The 126,710-square-foot facility offers drive-up self-storage units, outside uncovered boat/RV parking, Budget truck rentals and portable metal containers for off-site rental.
MESA, ARIZ. — HJ Sims has provided $5.1 million in mezzanine financing for Madison Realty Cos. The funds are part of a financing package that will fund an expansion project at Heritage Village Assisted Living in Mesa. Madison acquired the property in 2017. The property currently features six assisted living and memory care homes and a medical building, though the actual number of units was not disclosed. SAL Management Group operates the community. The planned expansion will add two more assisted living and memory care buildings. Sims partnered with a bank to propose a high-leverage financing solution to fund the expansion and recapitalize existing debt, with the bank providing the first-mortgage loan.
BEIJING — China-based Anbang Insurance Group Co. has agreed to sell a luxury U.S. hotel portfolio for more than $5.8 billion, according to several media outlets. Mirae Asset Global Investments, part of a South Korean financial services company, has agreed to acquire the 15 properties. The portfolio includes high-end hotels such as Essex House in Manhattan, Westin St. Francis in San Francisco and InterContinental hotels in Chicago and Miami. Anbang acquired the hotels in 2016 by purchasing then-owner Strategic Hotels & Resorts Inc. from Blackstone Group for approximately $6.5 billion. Anbang was making major waves that year, during which it also severely complicated Marriott International’s attempt to acquire Starwood Hotels & Resorts Worldwide. Anbang started a bidding war that increased the final offer by nearly $2 billion before Anbang backed out. At the time, Chinese insurers and other investors were scooping up U.S. real estate, taking advantage of new rules enabling them to invest more easily abroad, according to the Wall Street Journal. That era ended when Chinese authorities seized control of Anbang and later sentenced Chairman Wu Xiaohui to 18 years in prison. He was convicted by a Chinese court for orchestrating a $12 billion fraud. In readying the …
SANTA FE SPRINGS, CALIF. — Westcore Properties has completed the sale of Los Angeles Industrial Park, a multi-tenant industrial park in Santa Fe Springs. PS Business Parks acquired the fully leased, 10-building asset for $104 million. Darla Longo, Barbara Perrier and Eric Cox of CBRE represented the seller in the deal. Totaling more than 27 acres, the 543,161-square-foot office park includes properties at 11811-11831, 11947, 11975 E. Florence Ave. and 10510, 10513, 10545, 10551, 10604, 10631, 10637 and 10702 Hathaway Drive in Santa Fe Springs.
SAN DIEGO — BioMed Realty, a Blackstone portfolio company, and the University of California San Diego (UC San Diego) have opened the Center for Novel Therapeutics (CNT) on the UC San Diego Science Research Park campus. The 137,000-square-foot research hub leverages the strength of UC San Diego Moores Cancer Center with private sector companies looking to translate research into helping cancer patients worldwide. The development represents a $92 million investment by BioMed Realty. CNT is San Diego’s newest dedicated oncology research center with best-in-class facilities to advance life-changing treatments for cancer patients. Additionally, the facility includes the first academic-industry drug discovery incubator site in San Diego. CNT will continue UC San Diego’s “bench to bedside” approach, the transition of research from the laboratory space into the clinic and to patients through the promotion of new therapies. BioMed Realty designed the project with UC San Diego to include high-efficiency water-cooled central cooling, LED energy efficient light fixtures and photo-voltaic solar panels in the roof of the atrium and other parts of the building. Due to the project’s design, the facility was awarded LEED Gold certification.
GLENDALE, ARIZ. — Arizona-based Banner Health has selected NexCore Group, a national healthcare real estate firm, to develop its newest multi-specialty health center. Situated on 17.5 acres within the Aspera mixed-use development in Glendale, Banner Health Center will feature 130,000 square feet of medical office space. The three-story facility will offer clinical services including family medicine, pediatrics, orthopedics, general surgery, dermatology, gastroenterology, cardiology, endocrinology, internal medicine and OB/GYN, as well as lab, pharmacy and imaging services. Groundbreaking is slated for January, with a grand opening scheduled for early 2021.
RENO, NEV. — K Corp. has purchased a portion of retail space at The Crossing at Meadowood Square, a shopping center in Reno. The company acquired the 31,400-square-foot portion for $4.4 million. This transaction completes its ownership of the 63,000-square-foot center, after purchasing 32,000 square feet of space in 2014. The 31,400-square-foot portion is an anchor site currently occupied by Goodwill, which will vacate the space in October. The new owner plans to redevelop the property. Additional tenants include FedEx Office, Subway, Nevada Home Fitness and Animal Emergency. The name of the seller was not released.
BUCKEYE, ARIZ. — Marcus & Millichap has negotiated the sale of a retail property located at 1341 S. Watson Road in Buckeye. A limited liability company sold the property to an undisclosed buyer for $3.6 million. Planet Fitness occupies the 20,091-square-foot property, which was built this year, on a double-net-leased basis. The tenant just signed a 15-year lease for the property. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.
DENVER — Schnitzer West has announced plans to develop The Current, River North, a Class A office building located at 3615 Delgany St. in Denver’s River North (RiNo) Art District. The development is a partnership between Schnitzer West and Crafts Cos., a Denver-based real estate firm. Schnitzer West acquired the 34,250-square-foot site to develop an office building for business and retail purposes. The 12-story building will feature two levels of underground parking, three levels of above-grade podium parking and eight floors of office space. The top two floors will offer private amenities for tenants, including Schnitzer West’s signature “great room” working and leisure space and a rooftop terrace. Additional amenities will include ground-level retail, office-building lobby and conference center and bicycle storage. The first phase of construction is scheduled to begin in February 2020. Davis Partnership Architects served as architect and Transwestern has been retained to handle leasing for the completed project.
STOCKTON, CALIF. — GIGU Inc., a private buyer, has purchased Stockton Plaza, a shopping center located at 2323 W. Hammer Lane in Stockton. PPC-Stockton Plaza L.P. sold the asset for $17 million. At the time of sale, the 105,297-square-foot property was 97 percent occupied. Tenants include Food Source (Raley’s), AutoZone, BBVA Compass Bank, Great Clips, McDonald’s and Little Caesars. Chris Tramontano, John Redfield and Steve Kalyk of SRS Real Estate Partners’ Investment Properties Group represented the seller in the deal.