LOS ANGELES—Intertex Cos. and funds managed byOaktree Capital Management have purchased atwo-property biomedical portfolio from an entityaffiliated with Alfred Mann. The portfolioincludes the Mann Biomedical Park in Valencia, CA,and Sylmar Biomedical Park in Sylmar, CA. Thebuyer and seller did not disclose the sales price of the property,however Bank of America provided debt financingfor the purchase.

The two-properties total 793,000 square feet. The612,075-square-foot Mann Biomedical Campus sits on 167 acres, andis entitled for up to 900,000 square feet of additional industrialand office space. “The Mann portfolio received significant interestfrom both institutional and private investors,” CraigPeters, a broker at CBRE, tellsGlobeSt.com. “The combination of 800,000 square feet of existingleased assets, between Valencia and Sylmar, and up to 900,000square feet of new development opportunity made this a much soughtafter property.” Peters represented Alfred Mann in the transactionalong with his CBRE colleagues Kevin Shannon,Ken White, Doug Sonderegger andLaura Stumm. Val Achtemeiersecured the debt financing.

A strong tenant mix of medical device and biotechnology firms,including Boston Scientific, SecondSight, Quallion andBioness, occupies the property. “This was a verycomplex portfolio due to the sheer number of tenants, lease typesand new development potential,” says Peters. “Beyond pricing andability to perform, the right buyer had to have the skill set tounderstand the complexities. We chose the buyer because they wereable to affectively demonstrate their abilities to manage theasset.”