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12/16/14
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A joint venture between Valencia-based Intertex and funds managed by Oaktree Capital Management L.P. has acquired the Mann Biomedical Park located in Valencia, and Sylmar Biomedical Park located in Sylmar. The portfolio was sold by entities controlled by Alfred Mann. The price was not disclosed.
The portfolio consists of a 612k sf R&D campus in Valencia and a 181k sf R&D / industrial campus in Sylmar. Additionally, Mann Biomedical Park is fully entitled to build additional industrial and office buildings throughout the 167-acre, amenity-rich park. The portfolio is home to a wide variety of tenants with a concentration of medical device and biotechnology firms including Boston Scientific, Second Sight, Quallion and Bioness. The Alfred Mann Foundation has been a tenant since 2002 and serves as an internationally recognized leader in the development and incubation of lifesaving medical technologies.
Kevin Shannon, Craig Peters, Ken White, Doug Sonderegger and Laura Stumm of CBRE represented the seller in the deal. Bank of America provided debt financing, which was procured by CBRE’s Val Achtemeier.
Peters and Sonderegger will continue to provide leasing services to the new owners for existing space as well as numerous build-to-suit opportunities. “The new owners’ significant capital investment in the portfolio -- along with their expertise in developing, renovating, leasing and managing real estate projects of this size -- positions these campuses as the premier mixed-use assets in the market,” noted Peters, Executive Vice President of CBRE.
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