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Four Corners Properties Acquires Bay Area Property for Life Sciences Redevelopment Project

5/19/22

Four Corners Properties acquired Shoreway Innovation Center, a seven-acre property in the Bay Area city of Belmont that the firm intends to redevelop into a new life sciences campus, centrally located in the growing life sciences hub on the San Francisco Peninsula. CBRE arranged $75 mil in financing to go towards Four Corners’ acquisition and redevelopment of the property.

Four Corners Properties will use the financing to fund a portion of the predevelopment costs for 1301 Shoreway Rd, acquired in December 2021 for $90.25 mil. The future redevelopment will likely include construction of two Class A Life Science buildings, representing approximately 500k sf – 600k sf. The new construction will also include a multi-story parking structure to provide approximately 1,500 parking stalls.

Nationally, the life sciences sector saw one of the strongest years of occupancy growth on record in 2021, which continued into the first quarter of 2022. Shoreway Innovation Center is located along the US 101 corridor, which has one of the highest concentrations of life sciences facilities in the U.S., due in part to its location near top medical and biotechnology programs including Stanford University and University of California, San Francisco.

Mike Walker and Brad Zampa with CBRE Capital Markets’ Debt & Structured Finance group arranged the three-year, non-recourse, floating rate loan with two extension options through a private equity firm.

Growing demand in the Bay Area life sciences sector is fueling new construction and the conversion of office space and R&D buildings in the region, according to CBRE research. At the end of the first quarter in 2022, life sciences facilities inventory reached 38.4 msf in the Bay Area, with much of the 334.6k sf of new life sciences space preleased at the close of the quarter. The San Francisco Peninsula had the lowest vacancy rate in the region at 3.6% and the highest average Class A rent at $7.50 per sq. ft. With 6.8 msf of active and pending tenants in the market in the first quarter, the Bay Area life sciences sector shows no signs of slowdown in the months ahead. May 20 Sunroad Enterprises Obtains $200 Mil Take-Out Loan on Just Completed San Diego Area Res Community
JLL arranges money on 442-unit Vive Luxe in Kearny Mesa

Sunroad Enterprises has secured a $203 mil construction takeout financing for Vive Luxe, a Class A, 442-unit, multi-housing community the firm built in San Diego’s Kearny Mesa submarket.

Built in 2022, Vive Luxe offers studio, one-, two- and three-bedrooms units with fully equipped gourmet kitchens, top-of-the-line stainless steel appliances, distinctive wood-style flooring, quartz countertops and open-concept living spaces. Additionally, the common areas include a pool clubroom, resort-inspired pool and spa, 24-hour fitness center, a resident wine lounge and a sky deck and ocean lounge.

Situated at 4890 Sunroad Centrum Ln, the property offers residents convenient highway accessibility with CA-163, I-805, CA-52 and I-163 less than four miles away. In addition to Kearny Mesa, the property is also proximate to other major employment centers, such as the University Towne Center/La, Sorrento Valley/Sorrento Mesa, Mission Valley and downtown San Diego. Residents benefit from the nearby Montgomery Field airport and the San Diego International Airport.

Aldon Cole, Tim Wright, Bharat Madan and Mariah Feghali with JLL arranged the five-year bridge loan.





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