Saturday, December 13, 2014

HFF closes sale of BioMed Realty Trust life sciences facility in Rockville, MD

9911 Belward Campus Drive, Rockville, MD

Stephen Conley
WASHINGTON, D.C. – HFF announced the sale of 9911 Belward Campus Drive, a 289,912-square-foot large scale biologics manufacturing facility in Rockville, Maryland, that is 100-percent leased through May 2026 to Human Genome Sciences, Inc., a wholly owned subsidiary of GlaxoSmithKline (NYSE: GSK). 

               HFF marketed the property on behalf of the owner, BioMed Realty Trust.  The asset was purchased for an undisclosed amount. 

9911 Belward Campus Drive is the single point of production for GSK’s FDA-approved lupus treatment Benlysta.  Completed in 2005, the large scale manufacturing site has a fully-integrated warehouse with production and testing capabilities enabling stand-alone production of commercial biologics derived from cell culture.

 The facility sits on a 9.55 acre site at the intersection of Interstate 270 and Shady Grove Road in Rockville, which is two miles south of the newly-opened Intercounty Connector and approximately 20 miles northwest of downtown Washington, D.C. 

Jim Meisel
The HFF investment sales team representing the seller was led by executive managing director Stephen Conley, senior managing directors Jim Meisel, Dek Potts and Andrew Weir, associate director Matt Nicholson and senior real estate analyst Dave Baker.

“This is a very special purpose facility that provides stable cash on cash yields from an investment grade tenant for more than 10 years,” Meisel said.

BioMed Realty Trust, Inc. (NYSE: BMR), is a leading provider of real estate solutions to the life science community and offers leasing, development, construction, redevelopment, acquisition, financing and property management services to its tenant partners in the United States and the United Kingdom. 

BioMed Realty owns or has interests in properties comprising approximately 17.2 million rentable square feet. 

Additional information is available at  Follow them on Twitter@BioMedRealty.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

$13.75 Million Buys North San Diego County, CA Single-Tenant, Net-Leased Retail Asset

Westfield Plaza Camino Real Shopping Mall, 2559 El Camino Real, Carlsbad, CA

John Rodiles
CARLSBAD, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 156,132-square-foot building fully leased to Macy’s West Stores Inc., a subsidiary of Macy’s Inc. The commercial real estate asset is located in the Westfield Plaza Camino Real shopping mall in Carlsbad, Calif.

The $13,750,000 sales price equates to $88 per square foot.

            John Rodiles, vice president investments in the firm’s Long Beach office, and Kirk Garabedian, senior associate in Marcus & Millichap’s Los Angeles office, represented the seller, a San Diego-based private investor. The buyer is an international commercial real estate investor.

            “Macy’s has been in operation at this location since 1979,” says Rodiles. “The retailer completed the initial term of the 32-year lease and is in an eight-year option period that includes four five-year options.”

Kirk Garabedian
            “The company owns another parcel in the same shopping mall that it operates as a men’s and home furnishings store,” adds Garabedian.

            Built in 1979 on 1.71 acres at 2559 El Camino Real in Carlsbad, Calif., the building was renovated in 2000.

            The approximately 1.1 million-square-foot Westfield Plaza Camino Real shopping mall contains 150 retailers and draws nearly 6 million customers per year.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

Cincinnati, OH Metro Area Multifamily Asset Trades for $13.75 Million

Independence Oaks Apartments, 2050 Boxer Lane
Independence, KY

INDEPENDENCE, KY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Independence Oaks Apartments, a six-building 144-unit apartment complex in Independence, Ky.

The $13,750,000 sales price equates to $95,486 per unit, which is the highest price per unit recorded for a suburban Cincinnati multifamily commercial real estate property sale so far this year.

            Nicholas Andrews, Joel Dumes and Stan Falk of Marcus & Millichap’s Cincinnati office, represented both the buyer and the seller in the transaction.        

Nicholas Andrews
            “Independence Oaks is one of the nicest apartment communities to have been built in the Cincinnati MSA since the recession,” says Dumes. 

“The property’s excellent location and phenomenal rate of lease-up since coming online made it a highly desirable acquisition target for a very hungry market.”

            “We are very proud of the fact that we were able to generate the highest price per unit for a multifamily transaction recorded in suburban Cincinnati so far this year and one of the lowest cap rates of any apartment closing outside of downtown in recent years,” adds Andrews.

 “An assignment like this featuring a stabilized, high-quality asset in a fast-growing market is where we are able to add a tremendous amount of value for owners. 

"We really couldn’t predict at the outset whether the best buyer would ultimately turn out to be institutional or private, local or national but we were confident that between our marketing process and our relationships with each of these classes of buyers we would be able set a new benchmark for value in this market.”

Joel Dumes
            Located at 2050 Boxer Lane in Independence, Ky. with easy access to Interstate 275, Interstate 75 and Interstate 71, the property is set between three wooded acres and several restaurants and retailers, including a Kroger supermarket.

 The Cincinnati area is home to the headquarters of 10 Fortune 500 companies, including Procter & Gamble, Kroger, Macy’s Inc., Fifth Third Bank and the Western and Southern Life Insurance Co.

            Built in 2012 on more than 13 acres, Independence Oaks Apartments’ unit mix features 120 two-bedroom/two-bath apartments and 24 three-bedroom/two-bath units with fully furnished kitchens, electric appliances, high-speed fiber optics, large walk-in closets and a patio or balcony. 

Common area amenities include a clubhouse with pool, a fitness center, a basketball court and playground, a laundry room, lake and 24-hour maintenance.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

Senior Residence at Iwilei is Dedicated at Open House in Honolulu; WNC provided $24 million in LIHTC equity to fund the new 160-unit senior housing building

Senior Residence at Iwilei, 888 Iwelei Road
Honolulu, Hawaii
HONOLULU, HAWAII – WNC, a national investor in real estate and community development initiatives, announced today that a new 160-unit affordable senior housing building, Senior Residence at Iwilei, has opened to residents in Honolulu. WNC provided $24 million in low-income housing tax credit (LIHTC) equity to fund construction of the community, where a dedication ceremony attended by Hawaii Governor David Ige was held Dec. 9.

 Senior Residence at Iwilei is a 15-story, elevator-serviced building consisting of a mix of one- and two-bedrooms units. Located at 888 Iwilei Road, the property includes sky-walk access to the parking garage, on-site management, a laundry facility, community room, secured entry and an adult day care center.

Hawaii Gov. David Ige
 In addition, organized group activities, various social and health services, financial management and budgeting are offered at the property. 

An approximate 12,500-square-foot office space, reserved for non-profit organizations, is located on the second floor of the building.

 The community is available to residents aged 62 years and older who earn between 50 percent and 60 percent of the area’s medium income level.

  Each unit includes a balcony or patio, carpeting, blinds, refrigerator, range, garbage disposal and intercom entry.

“We couldn’t be more pleased to help deliver this wonderful new property to Honolulu’s senior residents in need,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “This community provides safe, comfortable and affordable homes replete with amenities of particular value to seniors.”

Michael Gaber
Senior Residence at Iwilei was developed by Pacific Housing Assistance Corporation. The building also received financing from the Hawaii Housing Finance and Development Corporation and the City of Honolulu.

 WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. 

WNC has acquired more than $6.5 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands.

 Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects.

 WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. 

Additional information is available at

For a complete copy of the company’s news release, please contact:

Julie Leber
Account Manager
Spotlight Marketing Communications
18101 Von Karman Avenue, Suite 330
Irvine CA 92612
949-427-5172, ext. 703
509-338-5676 - cell