Western Real Estate Business

JUN 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/993830

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C A L I F O R N I A 8 • June 2018 • Western Real Estate Business www.REBusinessOnline.com MURPHY DEVELOPMENT BREAKS GROUND ON 79,050 SF INDUSTRIAL BUILDING IN SAN DIEGO SAN DIEGO — Murphy Develop- ment has broken ground on the final building at its 2.1 million-square- foot Siempre Viva Business Park in San Diego's Otay Mesa neighbor- hood. Located at 8500 Kerns St., the $11.9 million Building 17 will fea- ture 79,050 square feet, 28-foot clear heights, 2,000 amps of 277/480 volt power, manufacturing sewing and water capacity, ESFR sprinklers, concrete truck courts, wide column spacing and high dock door ratios designed for distribution users. The adjacent building, Building 18, was completed in late 2016. Located at 2600 Melksee St., the 121,970-square- foot property is partially occupied by Mainfreight USA. The development team includes Gene Cipparone as ar- chitect, K&S Engineering and Lusar- di Construction. Andy Irwin and Joe Anderson of JLL have been retained to market the property for lease. HINES JOINT VENTURE RECEIVES $144 MILLION IN FINANCING FOR FOUR- BUILDING OFFICE CAMPUS IRVINE, CALIF. — A joint venture be- tween a global investment manage- ment firm and Hines has received $144 million in financing for Intersect, a four-building office campus in Ir- vine. Kevin MacKenzie, John Chun, Jamie Kline, Peter Thompson, Michael Leggett and Dereck Barker of HFF ar- ranged the three-year, floating-rate loan through New York Life Insur- ance. The borrower will use the loan to retire existing debt and fund the remaining lease-up of the property. Intersect comprises Buildings A, B, C and D located at 17875 and 17877 Von Karman Ave. and 17872 and 17838 Gillette Ave., respectively, in the core airport-area submarket of Orange County. The 425,203-square-foot cam- pus features a restaurant; micro-retail shipping containers that serve grab-n- go coffee, juice and food; indoor and outdoor workspace; a 6,000-square- foot indoor/outdoor gym; private tenant terraces; a 100-seat, stadium- style conference center; a 20-person board room; and an outdoor game pavilion. Additionally, the property features surface parking, a 1,583-space structured parking garage at 17892 Gillette Ave. and a 177-stall subterra- nean parking facility. CV MISSION CRITICAL REIT II ACQUIRES TWO-BUILDING DATA CENTER PORTFOLIO FOR $51 MILLION SACRAMENTO, CALIF. — Carter Validus Mission Critical REIT II (CV Mission Critical REIT II) has pur- chased the Rancho Cordova Data Center Portfolio for $51 million, ex- cluding acquisition fees and costs. Located in Sacramento, the portfolio consists of two single-story facilities: a 69,048-square-foot turnkey colocation data center, located at 11085 Sun Cen- ter Drive, and a 63,791-square-foot, multi-tenant wholesale data center, located at 3065 Gold Camp Drive. At the time of sale, the portfolio was 82.4 percent occupied. Michael Hochan- adel, Raul Saavedra and Jake Wagner of JLL represented the seller, Digital Realty Trust, in the deal. Grandbridge.com As one of the nation's largest full-service commercial and multifamily mortgage banking firms, Grandbridge offers local market expertise, an excellent understanding of all property types and in-depth information on the national commercial real estate environment. This combination enables us to provide superior capital solutions for our clients. We service a growing multibillion dollar loan portfolio and provide financing as well as consulting and advisory services for all types of commercial and multifamily real estate. Our scope of services and capital sources includes permanent and construction financing: Multifamily | Retail | Industrial | Office | Seniors/Healthcare | Affordable | MHC | Self-Storage | Mixed-Use | Hospitality Connecting ideas, capital and clients. n Freddie Mac Multifamily Approved Seller/Servicer for Conventional and Seniors Housing n Fannie Mae DUS ® Lender n FHA-Insured Loans, MAP and LEAN n Insurance Company Correspondents n Equity Placement n Pension Funds n Commercial Banks, Investment Banks, CMBS Investors n Proprietary Lending Platform, BB&T Real Estate Funding – Structured Finance – Stabilized Fixed-Rate Finance n Institutional Investors, Mezzanine and Preferred Equity, Equity Placements, Joint Ventures n Capital Markets – Taxable and Tax-Exempt Financing – Credit Facilities n Loan Servicing Portfolio of $30 billion – S&P "Strong" Rated Servicer Grandbridge Real Estate Capital is a subsidiary of Branch Banking and Trust Company, Member FDIC. Both are Equal Housing Lenders. Loans are subject to credit approval. ©2018 Your Western Connections DENVER 7887 East Belleview Ave. Suite 330 Denver, CO 80111 720-418-8858 NEWPORT BEACH 1500 Quail St. Suite 400 Newport Beach, CA 92660 949-222-1100 TOP FIVE DUS SENIORS HOUSING LENDER ® 2017 Located at 8500 Kerns St. in San Diego, Building 17 will feature 79,050 square feet of industrial space.

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