Colliers arranged the 119,044-square-foot lease of Building 2 within Sanyo Logistics Center at 9350 Airway Rd. in San Diego’s Otay Mesa submarket. Reportedly it’s the largest new lease completed in size and deal value in the past 12 months in South County. The property is owned and operated by an affiliate of Badiee Development.

EVPs Mark Lewkowitz and Chris Holder and associate VP Will Holder, who have led the project’s marketing efforts since its completion in 2020, brokered the deal on behalf of Badlee. SVP Jeff Saywitz and Michael Mossmer of VOIT Real Estate Services represented the tenant, Brokerage & Logistics Solutions, Inc.

“Class A buildings such as this, within walking distance to the border and with superior dock counts, will always be highly valued to customs brokers and 3PLs,” said Lewkowitz. “We are so pleased with the successful outcome and thank the Badiee team for their continued trust and partnership.”

OC Lifetime Achievement Award: Johnson Capital Advisors’ Founder & CEO, now Principal Emeritus, Guy Johnson, will receive the Connect CRE Lifetime Achievement Award at Connect Orange County on Thursday, March 20th. Register to attend sit in on a very special Keynote Conversation between Guy and presenters from Matthews REIS, Red Oak Capital Holdings, and more, who have worked with Guy throughout his career. www.ConnectOC2025.com

Lincoln Property Company and joint venture partner Brasa Capital Management acquired a specialized life science facility at 10165 McKellar Ct. in San Diego for an undisclosed amount. The 79,313-square-foot property was sold by QuidelOrtho Corporation, which currently occupies the entire building and plans to vacate and relocate operations to other facilities in San Diego in 2025.

10165 McKellar Ct. is a two-story facility located in the western Sorrento Mesa submarket, a Southern California hub for life science activity. The property comprises a well-proportioned mix of purposefully built lab, warehouse and corporate office space.

“The opportunity to own a versatile asset in this market was appealing to our team and Brasa,” said Scott Moffatt, EVP of Lincoln. “Our next step will be to assess the market and the needs of current and future tenants to determine the best use-case for 10165 McKellar Court moving forward.”

Kurt Luedtke and Zac Saloff of JLL represented the seller in the negotiations.

CBRE arranged the $12.05-million sale of 6060 Cornerstone Ct. West, a 67,099-square-foot office building in San Diego, to a local private investor, Sorrento Biotech Center LLC, which plans to convert the property for life sciences use. A CBRE team of Matt Carlson, Hunter Rowe, Camille Doan, Alex Hayden, Barbara Perrier, Mike Longo, Matt Pourcho and Anthony DeLorenzo represented the corporate seller. Chris Duncan of Voit Real Estate represented the buyer.

“Significant entrepreneurial capital continues to flow into the market, focusing on mid-market lab investments and repurposing underutilized assets,” said Carlson.

The asset is situated on 2.96 acres at a prominent intersection in Sorrento Mesa, a hub for growth and innovation. Its prime corner location is enhanced by proximity to universities, renowned research institutions and San Diego’s life sciences epicenter.

Built in 1985, the property was owned and occupied by a corporate owner. This transaction marks the first time the asset has been for sale to the broader real estate market.

Mesa West Capital has provided a joint venture of AEW Capital Management, Thrive Senior Living and Pike Construction with a $57-million loan to refinance Thrive at Montvale, a 203-unit senior housing community in Montvale, NJ. The five-year, floating-rate loan is secured by the 11.5-acre community built in 2022 by Atlanta-based Thrive and New Jersey-based Pike.  

“The senior living industry is at the beginning of a massive demand tailwind, driven in part by the aging population, which is expected to accelerate through the second half of this decade,” said Mesa West VP Brian Hahn, who led the origination team including managing director Matt Snyder and analyst Boyd Howard.  “In Bergen County, occupancy is trending above pre-pandemic levels and with no upcoming deliveries in the market, vacancy should continue to tighten.”

Located at 110 Summit Ave., the 214,000-square-foot Thrive at Montvale includes 88 independent living, 83 assisted living and 32 memory care units.

Mesa Capital Partners has acquired a 282-unit apartment complex in West Midtown Atlanta. The company paid $70.5 million for The Mill at Westside, which was sold by Starlight Investments.

The Atlanta Business Chronicle reports that the property last sold for $72.5 million in November 2018. Mesa secured a nearly $39 million loan from Walker & Dunlop. The loan matures in July 2029.

Monthly rents for units at The Mill at Westside range from $1,486 to $2,412, and the square footage ranges from 632 to 1,396.

On its website, Mesa says it focuses on the identification of quality ground-up multifamily development investments and the opportunistic targeting of distressed, value-add multifamily assets in the primary, secondary and tertiary markets. Starlight says it focuses on servicing the U.S. middle-market household demographic in suburban areas with compelling population, economic and employment growth rates.

San Diego planners gave unanimous approval recently to Cornerstone Communities for an Otay Mesa project with 450 townhouses, reported the San Diego Union Tribune. The Candlelight project is located in one of the few undeveloped areas of San Diego County, about a mile from the U.S.-Mexico border. Although the plan had previously been approved, changes to the unit types required a new vote. 

Environmental concerns, and plans for mitigation efforts, have kept the project in the planning stages, off and on, for roughly 12 years. After last Thursday’s vote, Cornerstone anticipates starting work on the site in September, with the first homes opening in late 2025. 

Cornerstone CEO Ure Kretowicz told the Union Tribune he envisions the project as workforce housing because early cost estimates put townhouses in the mid-$500,000 to low $600,000 range. Even the highest-priced models would be below the $802,500 median home price in January.