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Starwood Hotels Plans 140-Key Aloft for Rancho Bernardo

5 Feb 2014, 5:02 pm

By Alex Girda, Associate Editor

Rancho Bernardo, which has established a reputation as one of San Diego’s high-tech magnets in recent years, is also commanding attention from the hospitality sector. Starwood Hotels & Resorts Worldwide plans a 2016 opening for a 140-key Aloft. Upon completion, the property will be the sixth Aloft in California.

The hotel will be located at the entrance of the Rancho Bernardo Corporate Park, where Sony, Hewlett-Packard, BAE Systems, Northrup Grumman, Teradata, Cymer, Millennium Laboratories, and other companies have regional offices. Aloft Rancho Bernardo will feature the brand’s signature loft-style rooms, 3,000 square feet of meeting space, a rooftop “Splash” swimming pool, a fitness center, underground parking, and Smart Check-In, a mobile service that allows guests to bypass the front desk.

Brian McGuinness, Starwood Hotels’ senior vice president of specialty select brands, said that the new facility will be “a great match for this bustling, high-tech hub and (will) likely emerge as a leading choice among savvy travelers and young professionals.”

Close to downtown San Diego and the San Diego International Airport, the Rancho Bernardo location offers entertainment and leisure options that include the Bernardo Winery, San Diego Zoo Safari Park, shopping, several golf courses and a variety of outdoor activities.



Starwood Capital Taps Cassidy Turley To Manage 1 MSF Office Portfolio

23 Jan 2014, 4:19 pm

By Alex Girda, Associate Editor

After completing the blockbuster $327 million acquisition of a San Diego-area office portfolio from Kilroy Realty Corp., Starwood Capital Group has tapped Cassidy Turley to manage the properties.

Totaling 1.1 million square feet, the 12 properties are located in two of San Diego’s best- performing submarkets: eight in Rancho Bernardo and  four Sorrento Mesa.

At closing, the assets were about 9 percent vacant, well below the 15.8 percent average Class A vacancy rate in San Diego reported for the third quarter by Marcus & Millichap Real Estate Investment Services Inc. San Diego’s office market has continued to keep pace with the national decline in Class A vacancy, Marcus & Millichap confirmed.

For Cassidy Turley, the assignment is the largest to date for the firm’s southwest property management unit since its launch in 2010, rentv.com
noted. The Starwood commission brings Cassidy Turley’s local property management portfolio to about 6 million square feet and 35 million square feet in California and Arizona.

  

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



Math+Science Complex Completed at San Diego Mesa College

11 Jan 2014, 8:02 pm

By Alex Girda, Associate Editor

Last year ended with the completion of one of San Diego’s largest new educational facilities: the $109 million Math+Science Complex at San Diego Mesa College.

Also the college’s largest project to date, the four-story facility will provide classrooms, laboratories, faculty space and administrative support space for science and mathematics students when it opens this spring.

The 206,000-square foot project is the first building in the San Diego Community College District to be delivered through a combination of design-build, design-assist and multi-prime construction management methods.

McCarthy Building Companies Inc. used structural steel, concrete shear walls and an exterior curtain wall in the project’s construction. Funding was provided mostly by Propositions S and N construction bonds.

Designed by  Architects | Delawie Wilkes Rodrigues Barker, the Math+Science Complex features contemporary terrazzo flooring, stainless steel railings, aluminum wall panels and precast concrete stairways. The project is a candidate for LEED Silver certification. Sustainable features include recycled or renewable resources, such as the caramelized bamboo used for the building’s wood surfaces.



Lowe Wraps Third Phase of $500M County Campus in Kearny Mesa

13 Dec 2013, 3:53 pm

By Alex Girda, Associate Editor

In a milestone for a $500 million office county office campus in Kearny Mesa, Lowe Enterprises has completed the project’s third phase, a 118,500-square-foot headquarters for the Registrar of Voters. The LEED Gold-certified building will house staff offices, election ballot processing equipment and warehouse production space, as well as an art installation.

When complete, the 47-acre campus on Overland Avenue will encompass more than 1 million square feet of facilities for San Diego County.

 The second phase, completed in August 2011, consists of two four-story office buildings totaling 150,000 square feet, a 15,000 square-foot, LEED Platinum-certified conference center and a cafeteria.

Phase one debuted in October 2010 and includes two 150,000-square-foot office buildings plus a seven-story, 1,000-space parking structure. Those buildings earned LEED Gold certification.

In addition to Los Angeles-based Lowe, the project development team comprises RJC Architects, Suffolk Roel Construction and Project Management Advisors. The county Department of General Services oversees the project on behalf of the Board of Supervisors.

Image courtesy of loweenterprises.com



Ballast Point Brewing Inks 107,000-SF Lease with HG Fenton in Miramar

29 Nov 2013, 11:09 pm

By Alex Girda, Associate Editor

 As metropolitan San Diego’s residential picture improves, the industrial market is also attracting renewed activity. Ballast Point Brewing and Spirits, a local craft brewer, signed a 15-year lease for 106,584 square feet at 9045 Carroll Way in the Miramar submarket. At $16 million, the value of the deal is one of the largest of its kind in the area this year.

Ballast Point will use the space as its main brewery, bottling and canning facility and plans to start production there by next summer. Voit Real Estate arranged the deal for Ballast Point and HG Fenton, the property’s owner.

San Diego’s industrial market appears positioned for growth through 2014, according to research by CBRE Group Inc.

Current average prices of about $12.60 per square foot could rise to nearly $13 per square foot by the third quarter of 2014. During the next 12 months, the vacancy rate could dip 70 basis points from its current average of slightly more than 8 percent, according to CBRE’s projections.

Chart courtesy of CBRE Global Investors at cbre.com



Oceanside M-F Asset Commands Record Per-Unit Price

19 Nov 2013, 6:27 pm

By Alex Girda, Associate Editor

Setting a new record for Oceanside , a 221-unit rental townhouse property there has traded for $366,516  per unit.

In an $81 million deal, a joint venture of TruAmerica Multifamily and Guardian Life Insurance acquired the asset, named Piazza d’Oro, from ConAm Group, the San Diego Union-Tribune reported.

Located on a 14-acre site along the 78 corridor at 3402 Piazza de Oro Way, the upscale rental property was acquired by ConAm from K. Hovanian Homes, its original developer. K. Hovnanian had envisioned the project as a for-sale community, but stepped away from it after the recession hit.

According to the Union-Tribune, rents at Piazza d’Oro run between $2,250 to $2,550, and unit footprints range between 1,586 and 1,704 square feet. Ten units were still vacant when the transaction closed.

Image courtesy of piazzadorotownhomes.com



TDA Investment Group Pays $11.4M for MOB Near San Diego State

24 Oct 2013, 4:40 pm

By Alex Girda, Associate Editor

A healthcare facility near San Diego State University has come under new ownership. In an $11.4 million deal, TDA Investment Group has acquired Alvarado Hospital Medical Plaza III from seller AMP III L.L.C., according to rentv.com.

Located on a 2,.5 acre site at 6719 Alvarado Road, the three-building asset is part of the Alvarado Hospital Medical Center campus and was developed in 1991. The 51,441-square-foot building, which offers 224 surface parking spaces, had a 75 percent occupancy rate at the time of the transaction. Newmark Grubb Knight Frank represented TDA, and PMB Brokers represented AMP III.

Other recent San Diego-area deals include:

  • ·         Harvey Inc.’s acquisition of a 24,500-square-foot building in Kearny Mesa for $2.7 million. The seller was Lyons-Warren Partners, represented by Commercial Facilities Inc., while Cassidy Turley handled the deal for Harvey.
  • ·         CVG Properties acquired a 32-unit apartment complex at 480 Jamacha Road in El Cajon from  Rodney Johnson for $4 million.
  • ·         A 30,000 square-foot industrial property at 796 Energy Wayin Chula Vista fetched $1.65 million. Mark Ralph, the new owner, plans to use the building for office, storage and distribution functions. Volt Real Estate handled the transaction.

 



PREI Pays Reported $57M for Mission Valley Office Building

3 Oct 2013, 9:19 pm

By Alex Girda, Associate Editor

In another sign of San Diego’s strengthening office sector, Prudential Real Estate Investors bought Rio San Diego Plaza  in the Mission Valley submarket. The seller, AEW Capital Management, had owned the he 189,490-square-foot asset since 2006 and sold it on behalf of an institutional client.

AEW was represented by Jones Lang LaSalle Inc. Managing Directors Lynn LaChapelle and Bob Prendergast, according to the San Diego Business Journal.  Rio San Diego Plaza commanded a price of $56.8 million, the Business Journal reported.

Located at 8954 Rio San Diego Drive, the six-story building earned LEED Silver certification about a year ago. The property has also earned a TOBY award from Building Owners and Managers Association International, as well as design awards.

Mission Valley is a strong submarket, with median office vacancy at about 10 percent, according to Jones Lang LaSalle. With local unemployment declining, the buyer  identified a strong investment opportunity in a market characterized by thriving  biotechnology and education sectors. Office absorption is also on the rise, exceeding 850,000 square feet by mid-year, Jones Lang LaSalle reported.



Alvarez & Marsal, Classical Academy Buy Industrial Assets

19 Sep 2013, 6:25 pm

By Alex Girda, Associate Editor

A pair of industrial assets figure in several notable recent San Diego transactions. In a $7 million deal, The Classical Academy acquired a 57,104-square-foot facility formerly operated by the defunct North County Times, the San Diego Business Journal reported.

The property was acquired from Manchester Financial Group, a company controlled by Douglas Manchester, the developer, investor and owner of the San Diego Union-Tribune. Located at 207 E. Pennsylvania Ave., the four-acre site includes two undeveloped parcels as well as the building.

Alvarez & Marsal Capital Real Estate paid $12.7 million for a 65,840-square-foot square-foot research and development building at 2251 Faraday Ave. in Carlsbad, according to SDBJ. IDS Real Estate Group of Los Angeles was the seller. The facility is 73 percent leased to pharmaceutical and medical device maker Abbott Laboratories. Cassidy Turley and Madison Partners arranged the transaction.



County’s Economic Index Still Rising, Even as Pace of Job Gains Slows

5 Sep 2013, 7:51 pm

By Alex Girda, Associate Editor

San Diego County’s economy seems to taking a steady upward course as a host of indicators continue to improve, if at a slower pace than earlier in 2013.

According to the USD Burnham-Moores Center for Real Estate’s economic index for July, the county’s indicators improved 0.7 percent to 127.5, its highest level in more than four years. That marks the index’s 11th consecutive increase and 19th in the past 20 months.

Building permits rose 1.25 percent in July, and consumer confidence posted a 1.4 percent increase. Meanwhile, the San Diego Stock Exchange Index rose 0.73 percent.

While the county is still adding jobs, the pace of those gains appears to be slowing. About 19,900 jobs were added in July 2013, considerably fewer than earlier in 2013, when the monthly tally regularly exceeded 30,000. The index suggests that policy issues, such as the expiration of the payroll tax cut and the sequester, could be contributing to the slowdown.

Another hint that improvement in the job market is slowing is the 0.77 percent month-over-month decline in the index for initial unemployment claims. Additionally, a large portion of San Diego County’s new jobs are part-time and low-wage.

Chart courtesy of hribar.com







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