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Community HousingWorks, Sun Country Builders Start Affordable Housing Project in Vista

7 May 2014, 9:45 pm

By Alex Girda, Associate Editor

California’s recent wave of affordable housing projects continues to rise in San Diego. Community HousingWorks, a non-profit developer, is teaming up with Sun Country Builders on a 68-unit project in Vista.

Dubbed North Santa Fe Apartments, the community developed at 301 N. Santa Fe Ave. will feature a pedestrian-friendly design on its 2.3-acre site. The property is geared toward families with incomes that are 30 to 60 percent of the local average.

According to information on Community HousingWorks’ Web site, ten of the units at North Santa Fe are reserved for transition-aged youth (a term usually applied to young people between the ages of about 16 to 23), with services provided by North County Lifeline.

Community HousingWorks is implementing green design features such as flat roofs and parapets that will accommodate solar hot water panels and mechanical equipment. Residents will pay for electric heating, cooking, air conditioning and general electric costs in accordance with San Diego County’s Energy Efficient utility allowance schedule. Landscaping will feature drought-tolerant plants,  citrus orchards and an eco-friendly irrigation system.

Common resident amenities will include a single-story building with space for Community HousingWorks  residential services, computer learning centers, and a community area. Also available to residents will be a play area for small children, picnic tables, barbecue, seating areas, bike racks and a garden.

Donahue Schriber Plans $50 Million Expansion for Del Mar Highlands Town Center

30 Apr 2014, 4:13 pm

By Alex Girda, Associate Editor

Donahue Schriber is planning a $50 million upgrade of the Del Mar Highlands Town Center that will expand the property by about 80,000 square feet.

Located in the Carmel Valley submarket, the 25-year-old retail center currently offers 283,000 square feet of space. According to the San Diego Business Journal, the shopping center will add a 600-space parking structure. The eight-screen Cinepolis Luxury Cinemas will add three new screens, while new retail space will  accommodate new stores and eateries. Current tenants include Bank of America, Domino’s Pizza, FedEx, RadioShack and GameStop.

Another tenant, KinderCare, will move to a new facility when the project is completed. Costa Mesa-based Donahue Schriber plans to start relocation of KinderCare, the movie theater expansion and parking structure construction later this year. Construction of the new retail space will follow in 2015, and the entire project is scheduled for completion in 2017.

Located at Del Mar Heights Road and El Camino Real, the center opened in 1989. Most recently, a $20 million renovation was completed in 2011.

Image courtesy of delmarhighlandstowncenter.com

Skilled Nursing Facility, Condos and Multifamily Complex Attract Buyers

24 Apr 2014, 4:24 am

By Alex Girda, Associate Editor

San Diego-area investors are  off to a busy second-quarter. An Oceanside condominium building, a North Park multifamily building and an El Cajon nursing facility traded hands recently in two separate deals worth $14.2 million, $1.9 million and $7.5 million, respectively.

The Chase Care Center was acquired by the Auburn Manor Holding Corp. from Chase Care Property L.L.C., the San Diego Business Journal reports. Built in 1989, the facility totals 96,589 square feet of space. Located on a 4.6-acre site at 1201 S. Orange Avenue in El Cajon, the skilled-nursing facility offers such services as physical, speech and occupational therapy.  

The local office of Colliers International office also arranged a transaction involving a North Park multifamily property. Seller Uptown Communities L.L.C. and buyer Diego Davis Associates L.L.C. completed the $1.9 million deal which was arranged by representatives Ciara Layne-Trujillo, David Santistevan and Gunder Creage of Colliers International. Totaling eight units, the 87-year-old  property offers six one-bedroom, one two-bedroom and one three-bedroom apartments.

Located at 612 Los Arbolitos Boulevard in Oceanside, Forest Glen Condominiums is an 88-unit complex offering a mix of one-, two- and three-bedroom units. With access to the I-5, and state routes 76 and 78, the 37-year-old condo building is located on a 3.4-acre lot. Residential units average more than 1,000 square feet, and features include private patios, balconies, formal dining areas and fully equipped kitchens.

The resident amenity package includes an on-site laundry facility, a fitness center, clubhouse, resort-style swimming pool, barbecue and picnic areas and both open and covered parking. According to rentv.com, the deal was arranged by representatives of Marcus & Millichap Real Estate Investment Services Inc.


Coastal Rail Trail Adds 2,000-Foot Segment as Regional Biking Network Grows

17 Apr 2014, 3:10 am

By Alex Girda, Associate Editor

Oceanside biking enthusiasts have a new route to enjoy with the completion of a 2,000-foot segment of the Coastal Rail Trail. The CRT is part of a planned 44-mile long bike trail from Oceanside to San Diego.

Stretching between Oceanside Boulevard and Wisconsin Avenue, the newly completed bike trail is located along the west side of railroad property owned by the North County Transit District. The new section will link to a previously completed portion just north of Wisconsin Avenue that opened in February 2013. According to the San Diego Association of Government’s website, the project will extend an existing Class I bike path, classified as a path that is physically separate from vehicular traffic.

The paths are part of the greater San Diego Regional Bike Plan that would create a wide network by 2050. The plan calls for most San Diego-area coastal cities to be linked together, with a number of the projects along the trail being located in Oceanside.

The area has been bullish on its initiative to promote and support biking throughout the San Diego area, with the SANDAG Board of Directors approving an Early Action Program for the Regional Bike Plan. The EAP would inject $200 million in the region-wide push for biking, and add almost 77 miles of bikeway during the next ten years. The Coastal Rail Trail segment that was completed recently is part of the  EAP.

Recent resident feedback in the region shows that a more bike-friendly policy, featuring a more cohesive infrastructure, would solve some traffic issues, pollution, livability challenges and the current obesity health crisis.

Image courtesy of sandag.org

Capstone Advisors Pays $16M for Office, Retail Assets

14 Apr 2014, 3:11 pm

By Alex Girda, Associate Editor

Capstone Advisors has  invested a total of $16.4 million in two separate transactions for a La Jolla office building and a retail property near the University of San Diego.

In La Jolla, the Carlsbad-based  firm acquired 7817 Ivanhoe, a three-story, 34,000-square-foot property located two blocks from Prospect Street, the main commercial corridor through La Jolla Village and La Jolla Cove. The tenant roster includes GovX, Keller Williams, Rancho Financial and Chicago Title. Vacancy in the building is only two percent, reflecting the area’s strong demand for office space.

Capstone plans a series of improvements that include exterior painting, lighting, landscaping, an overhaul of the common areas, building system upgrades and interior suite work. A Colliers International team arranged the transaction on behalf of both parties. Financing was provided by Silvergate Bank.

In a separate transaction, Capstone paid $6.4 million for Presidio Trolley Plaza, a new 48,000-square-foot infill retail center located at 5261-5401 Londa Vista Road near the University of  San Diego. The  center’ s market includes the campus’ 9,000 students, staff and faculty members. Capstone Advisors represented itself  while Voit Real Estate Services represented the undisclosed seller.  Silvergate Bank provided financing for the transaction.

Built in 1965, the property was initially designed for light industrial use. Its current retail/flex configuration offers a variety of suite sizes. Tenants include  Ballast Point, the micro-brewer. The company’s concept store, Home Brew Mart, has been a fixture at Presidio Trolley Plaza since 1992. Before Capstone became the owner, Ballast Point had expressed interest in expanding into the adjacent suite.

 Image courtesy of ralstonrealestate.com 

Flurry of Investment Sales Ends First Quarter

3 Apr 2014, 10:10 pm

By Alex Girda, Associate Editor

San Diego’s commercial real estate market wrapped up the first quarter of 2014 with a productive week as industrial, office and residential properties changed hands in various submarkets.

Doerken Properties acquired the Flags on Mission Shopping Center in Oceanside. The investor purchased the 107,600-square-foot property for $12.6 million from Mission Avenue Investors. Two Lee & Associates principals, Marc Dudzik and Bo Havlik, arranged the sale.

On the industrial front, PB Miramar Distributions L.L.C.. acquired three Miramar buildings Palomar Partners L.P. in a $6.5 million transaction, according to the San Diego Business Journal. Totaling 74,000 square feet, the buildings were constructed in 1971, 1984 and 1985. The new owner will initially occupy more than half of the space and will eventually expand into the entire complex.

In residential news, Newport Beach-based Doug Wetton Properties Inc. paid Pacifica Cos. of San Diego $5.7 million for Kenora Terrace, a multi-family property in Spring Valley. According to SDBJ, the property located at 3541 Kenora Drive is a 35-year-old 46-unit community located on a 2.5-acre lot. HFF arranged the sale and secured about $4 million in acquisition financing for Wetton Properies.

And in a downtown San Diego office deal, Long Beach-based Rossi-Kettner L.L.C. bought 1717 Kettner Blvd. for $5.3 million. Totaling 17,276 square feet, the property is fully leased, according to CoStar Group. The seller was the Pastula Family Trust.

Wateridge Plaza Sale Leads Flurry of Office Trades; AleSmith Brewing Opts for Bigger Home

31 Mar 2014, 4:06 pm

By Alex Girda, Associate Editor

In a busy week for local transactions, a joint venture of Parallel Capital Partners and Sam Zell’s Equity Group Investments paid $72.5 million for the Wateridge Plaza in Sorrento Mesa, The buyers acquired the three-building Class A office complex from Beacon Capital Partners and C-III Realty.

Also changing hands was the Carmel Mountain Ranch office building, a 59,062-square-foot asset located at 15175 Innovation Drive. Los Angeles-based Century Park Partners L.L.C. sold the property to T JT & TP Investment L.L.C. for about $7.8 million. According to the San Diego Business Journal, David Crabb of CBRE Group Inc. handled the transaction of behalf of the buyer, while JLL’s  Jay Alexander and Ryan Grove represented the seller. The building is located at the Carmel Mountain Corporate Center and is currently fully leased.

In Solana Beach, Fair Oaks Valley, L.L.C. acquired a 14,100-square-foot, two-story office building at 265 Santa Helena in a $4.3 million deal, according to rentv.com. Propco L.P. sold the 33-year-old property as part of a 1031 exchange. Ashcraft Investments represented the buyer while Propco was represented by a team from CBRE.

In other commercial real estate news, AleSmith Brewing Co., is planning to move from its current home on Cabot Drive in Miramar to a new, 105,600 square-foot facility at 9990 Empire St., the San Diego Business Journal reports. The company has signed a $9.7 million lease for the entire space with the building’s owner, Westcore Properties. AleSmith will nearly double its current workforce of 27 by adding 25 new jobs once its moves into its new home. The new facility will also enable the brewer to increase production from 15,000 barrels this year to 25,000 in 2015. Move-in is scheduled for January 2015,

Retail Opportunity Investments Buys Poway Center for $40M

21 Mar 2014, 8:40 pm

By Alex Girda, Associate Editor

Creekside Plaza, a 128,852-square-foot retail center in Poway, has been acquired by  San Diego-based Retail Opportunity Investments Corp. in a $43.9 million deal. The transaction was arranged by a team of HFF representatives, who worked on behalf of seller Azure Creekside Corp., a Glendale, Calif.-based company. Azure is a client of American Realty Advisors, which handled the sale of the asset.

The property is a star performer in the area in terms of its good occupancy and solid tenant roster in an active submarket . According to rentv.com, the retail center consists of six buildings located at 13409-13595 Poway Road. It was built in 1993 and was most recently renovated in 2005. At the time of the transaction, the property was fully leased.

Creekside Plaza is  anchored by a Stater Bros. grocery store and a Digiplex cinema. Tenants include  Chipotle, FedEx Office, Jiffy Lube, Starbucks and Baskin-Robbins. John Jennings of Cushman & Wakefield Inc. serves as leasing representative.

Retail Opportunity Investments specializes in necessity-based community and neighborhood shopping centers anchored by  national supermarket brands and drugstores. At the end of last year, the company’s portfolio totaled 5.8 million square feet at 54 properties.  

HFF Secures $23.5 Million Financing Package for 2 National City M-F Properties

16 Mar 2014, 10:28 pm

By Alex Girda, Associate Editor

HFF recently secured financing for two National City multifamily complexes owned by PCD Capital Group and Birge & Held Asset Management. The firm worked with Opus Bank on behalf of the borrower, and completed two financing deals worth a total of $23.5 million. The HFF team in charge of securing the loans was headed by Zach Koucos.  

The two communities are located in National City and offer a total of 141 residential units. Centro Apartments and Harborview Apartments are Class A multifamily properties situated five blocks apart. HFF provided a $14.2 million fixed-rate loan for Harborview, while Centro received a $9.3 million loan. Both deals carry 10-year terms with initial fixed-rate periods of five years on a non-recourse basis, a statement announcing the deal shows.

Centro Apartments is located about four miles south of downtown San Diego at 45 East 12th Street in National City. The four-story building offers 60 residential units averaging 959 square feet. Resident amenities include a pool, a barbecue area, common sundeck, and ground-level enclosed parking.

Harborview Apartments offers 81 residences including studios, one- and two-bedroom units, loft and brownstone-style apartments.  Completed in 2011, the complex offers a resident amenity package that features a rooftop pool and spa, a fitness facility and a business center equipped with computers, a printer and work stations, WiFi Internet access, laundry facilities, gated entry and reserved parking.

Photo of Centro Apartments courtesy of Facebook account: facebook.com/centroapts/

Image of Harborview Apartments courtesy of rental-living.com



JH Real Estate Partners Buys San Carlos Shopping Center for $35 Million

10 Mar 2014, 2:25 am

By Alex Girda, Associate Editor

 In a $35 million deal, JH Real Estate Partners has acquired the San Carlos Shopping Center, a 125,700-square-foot retail center in the Lake Murray area. The seller, an unidentified East Coast investor, had owned the asset since 2006.

Located on the Navajo Road exit of the 125 Freeway, the property has a eclectic tenant roster that includes such national brands as Walgreens, LA Fitness, Chase Bank and Starbucks.

According to rentv.com, the facility currently operates at an occupancy rate of around 81 percent. Around 25,000 square feet are currently available for lease, which could accommodate two new junior anchors. The new owner will look to bring some improvements to the property, in order to reposition the shopping center and boost its revenue.

In recent years, an already well performing retail market has tightened further, considerably outperforming the national average since the end of 2013. According to Marcus & Millichap Real Estate Investment Services shows that at the end of 2013, the San Diego Metro area had a projected average vacancy rate of around 4.6 percent, compared to the 7.1 nationwide average rate.

Chart courtesy of Marcus & Millichap Real Estate Investment Services Inc. at marcusmillichap.com

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