Real Estate

Acquisitions and Dispositions

Procopio’s real estate attorneys advise individual, institutional and publicly-traded clients on a regular basis with respect to local, multi-state, international and portfolio acquisitions and dispositions of real estate.

Land Use Entitlements and Project Management

Our attorneys have represented local and national developers in a wide-range of development projects.  Procopio lawyers specialize in zoning, land use, planning, entitlements, and CEQA for all product types including residential, commercial, industrial, institutional, and mixed-use projects, as well as project advocacy before local, regional and state agencies. In addition, Procopio’s team includes land use planning specialists who can provide entitlement project management services, including coordination and management of the development team, preparation and coordination of permit application packages, coordination of public outreach, and negotiation with local, regional and state agency staff and decision makers.

Landlord and Tenant Lease Representation

Procopio attorneys are skilled at utilizing a client’s form of lease or drafting project-specific leases, and negotiating transactions on behalf of landlords and tenants. We also handle ground leases for development projects, building and free-standing cell site leases, build-to-suit leases, and sale-leaseback transactions.

Rural and Urban Development Projects

Our attorneys have represented local and national developers in a wide-range of development projects.  Procopio lawyers specialize in rural and urban zoning, land use, planning, permit processing, entitlements, as well as project advocacy before local, regional and state agencies.

Real Estate Finance

Procopio attorneys represent a variety of lenders including national banks, insurance companies and private capital sources.  We have extensive experience on behalf of lenders and borrowers with term loans, construction loans, business lines of credit, letters of credit, personal guarantees, mezzanine loans and participation agreements.

Environmental and Natural Resources

Along with attorneys from our Environment and Natural Resources practice, Procopio’s real estate attorneys assist our clients to navigate state and federal laws relating to the environment and natural resources, including issues such as hazardous materials, solid waste, air and water quality, endangered species, wetlands, protected habitats, and waste discharge requirements.

Leasing

• Represented over 150 life sciences companies, technology companies and venture investors in securing leases for new headquarters, GMP manufacturing facilities, laboratory space and other specialty spaces across the United States, including tenant-side representation of a life science company in securing the largest office/laboratory lease (by transaction amount) in San Diego history.
• Restructured in excess of 35 leases for a regional restaurant operator including lease amendments for operational, rent and other relief, termination agreements, assignments and subletting and other exit strategies.
• Represented Neurocrine Biosciences in negotiations for its 535,000-square-foot, build-to-suit headquarters, the largest leasing transaction in San Diego history by dollar value.
• Advised a hotel developer regarding lease and loan documentation for a hotel project located on a reservation in Arizona.
• Represented a large health care company in a 360,000-square-foot office lease for its new corporate headquarters in Phoenix, Arizona.
• Represented a developer in the negotiation of a ground lease for a 100,000-square-foot skilled nursing facility on a hospital campus in Tucson, Arizona.

Development

• Representing national property developer in its master development of six city blocks in downtown San Diego, including planned development of a 36-story, luxury hotel.
• Represent international real estate developer and manager in the acquisition, development and disposition and debt and equity financing of over $6 billion of multifamily, life science, industrial and mixed-use real estate assets throughout the U.S.
• Representing a national hotel developer in the ground up development of a planned 6-story luxury hotel, including negotiation of a hotel management agreement with a luxury brand operator.
• Represented a redevelopment agency in connection with development of an approximately 300,000-square-foot retail center involving preparation and negotiation of retail anchor leases including ground leases for “big box” anchor tenant and fast food/restaurant tenants, build-to-suit leases for major retail tenants.
• Represented a private developer in a joint development project with a local utility company in which client is developing and will operate a business park with in excess of 2 million square of office, R&D and industrial uses (including multi-tenant, corporate, distribution facilities and ancillary commercial services).
• Negotiated a complex real estate deal for the Navajo Nation to develop the Twin Arrows Casino, a $120-million gaming facility, golf course and resort on 405 acres 20 miles east of Flagstaff.
• Represented the owner of an island in negotiating a resort management agreement and related documents for the development of the island into a world-class, super luxury resort in the Bahamas.
• Represented RIU Hotels and Resorts in the development of the RIU Plaza Hotel in Chicago.
• Directed multimillion-dollar real estate and gaming projects involving Native American land and dealing proactively with the state and federal agencies including the Department on Interior and National Indian Gaming Commission.
• Represented a developer in the acquisition of multiple parcels and the development of over 600 luxury multifamily residential units within a master planned community in Phoenix, Arizona.
• Represented Sazerac Company in the development of a planned $90-million distillery in Murfreesboro, Tennessee.
• Represented a developer in the acquisition and development of an 88-acre master planned development in Peoria, Arizona, including negotiating over $500 million in equity investments and construction financing for multiple residential and industrial projects within the master planned development.
• Represented a private family office in the development and licensing of the Rosewood Houston Hotel and Residences and the Rosewood Kona Kai Hotel.

Purchase and Sale

• Negotiated a financing and equity placement and joint venture deal leading to close of a $760-million acquisition of 24 institutional grade multifamily communities comprising 6,294 residential units in the southeastern U.S.; a $665-million acquisition of a 12-property multi-family portfolio in Atlanta, Austin, Denver and Houston; a $302-million acquisition of a 1,731-unit, 11-property multi-family portfolio in Maryland.
• Negotiated and closed the multibillion-dollar portfolio sale of over 60 institutional-grade multifamily assets in over 10 states to a national real estate investment firm.
• Assisted a client with a $750-million portfolio acquisition involving 32 properties across 4 states and a $680-million portfolio acquisition involving 12 properties across three states, which included negotiation of purchase agreement, title review, financing and overall logistics related to closing the complex real estate transaction.
• Represented investors in acquisitions of, investments in, and/or financings for, Bacara Resort & Spa (The Ritz-Carlton Bacara, Santa Barbara), Charlotte Marriott City Center, Ritz-Carlton San Francisco, Renaissance Atlanta Midtown Hotel, San Diego Marriott La Jolla, Le Méridien Arlington, Seattle Marriott Bellevue, San Jose Marriott, Le Méridien Dallas (The Stoneleigh), Hawks Cay Resort, The Equinox, Hutton Hotel, Fairmont Sonoma Mission Inn & Spa, Westin Pasadena, Ritz-Carlton Key Biscayne, and Ritz-Carlton Philadelphia.
• Represented RIU Hotels and Resorts in the acquisition of the RIU Plaza Hotel in San Francisco’s Fisherman’s Wharf.
• Assisted a client with securing development rights and documenting ground leases, subleases and licenses for the development of several medical office buildings on major hospital campus.
• Representing a national hotel developer in the acquisition of full-service hotels in Southern California and North Carolina.
• Represented a developer in the acquisition of airport-adjacent agricultural land and the development of a multi-phase 2 million-square-foot industrial development in Mesa, Arizona.
• Represented a land owner in the disposition of 25,000 acres of raw land valued at approximately $187.5 million slated to be developed as a master-planned community.
• Represented The Blackstone Group L.P. in the disposition of various hospitality assets located throughout the U.S.
• Assisted a joint venture partner in over fifty land acquisitions for single- and multi-family residential developments across several states, including entity formation, purchase agreement drafting and negotiation, title review and financing.
• Represented an affordable housing developer in the purchase of land across California.
  Representing a design company in its acquisition and redevelopment of multiple historic properties in San Francisco, CA.
• Represented a state sovereign fund in the acquisition and financing of office properties in Washington and Texas in an aggregate amount of more than $50 million.

Sale-Leaseback

• Represented Ionis Pharmaceuticals in the sale-leaseback of Ionis’ 18.4-acre, 250,000 square foot headquarters in Carlsbad, California, to Oxford Properties for $258 million.
• Represented Mannkind in the sale-leaseback of its pharmaceutical manufacturing facility in Danbury, Connecticut, for $102 million.
• Represented other multiple companies in the sale and leaseback of corporate headquarters.

Financing

• Assisting a major financial institution in documenting and closing equity investments and mezzanine loans to residential developers in excess of $125 million to date, for development of over 6,900 homes with total development values in excess of $1 billion.
• Regularly handle acquisition and sales of individual loans and loan portfolios to both accredited and nonaccredited buyers, including loans that are unsecured and those secured by real or personal property, as well as loans performing, under-performing, non-performing and in default.
• Assisted a property management and investment corporation client in obtaining multimillion-dollar loans for apartment complexes in Southern California.
• Represented a nationally chartered bank in the origination of a $115-million loan secured by a retail property within Times Square in New York City.
• Represented a New York-based life insurance company in the origination of a $60-million acquisition loan for a Class A office building in Phoenix, Arizona.
• Refinanced multimillion-dollar loans for a tribal entity client, including providing guidance regarding Indian gaming law, tribal corporate governance law, and sovereign immunity and jurisdictional issues.
• Represented a lender in the work out and settlement of a $26-million credit facility secured by five full-service car wash and convenience store locations throughout Arizona.
• Represented a pension fund’s secured lending group in the origination of a $75-million acquisition and construction loan for a historic building in downtown Los Angeles, California.

Litigation

• Secured a court victory in favor of a real estate developer after substantial discovery and trial, a judgement upheld by the Appellate Court with the client awarded substantial attorneys’ fees, allowing the client to complete a residential development in Los Angeles County, California.
• Quickly obtained a judgment by filing a lawsuit for client title and other related claims for a commercial landowner, allowing property to be sold in Southern California after the client learned that she was not a record owner.
• Litigated a “quiet title” action in San Diego Superior Court on behalf of commercial building owner whose tenant breached the lease and then held over by refusing to remove millions of dollars in improvements in the building, and claimed client’s removal would result in tens of millions of dollars in damages.
• Litigated a real estate dispute involving claims for breach of restrictive covenant and nuisance.
• Obtained a defense verdict on behalf of a seller’s real estate broker in a jury trial in San Diego Superior Court where the plaintiff contended that the client’s broker had negligently misrepresented the square footage of the luxury single family residence sold in the transaction at issue.
• Represented a property owner in litigation against a governmental agency and municipality concerning permitting issues.
• Represented a residential real estate developer in class action litigation alleging fraudulent business practices and violations of consumer protection laws.
• Represented a real estate investment firm in arbitration and litigation against a developer for breach of contract and breach of fiduciary duty.
• Achieved a favorable settlement for clients in a landlord-tenant mediation involving habitability and negligence claims.
• Successfully defended CEQA writ litigation challenging the City of San Diego’s CEQA exemption determination.
• Represented a foreign investor in a multimillion-dollar real estate/business dispute in Beverly Hills, California.
• Represented a U.S. citizen in enforcement of a real estate contract in Mexico.
• Successful defense of class action tort litigation filed by homeowners alleging harm from vapor intrusion, and diminution in property value.