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Venta, Pathfinder JV Buys Homewood Suites Hotel in La Quinta

14 Feb 2014, 12:18 am

By Alex Girda, Associate Editor

A joint venture of Vesta Hospitality and Pathfinder Partners L.L.C. has acquired a 129-key Homewood Suites hotel in La Quinta. Washington, D.C.-based Vesta, a hotel management and development company, and Pathfinder, a local real estate investment firm specializing in value-add opportunities, had previously handled management duties. Terms were not disclosed.

A $1.8 million renovation is planned for the newly acquired asset, which was built in 2007. Guest amenities include a business center, meeting rooms, a swimming pool, fitness facilities and dining facilities. Noted local institutions include the Berger Foundation,  JFK Memorial Hospital and the Betty Ford Center.

Metropolitan San Diego is drawing increasing attention from hotel developer. The SDTA Hotel Database projects that by the end of the year, 10 new hotels will have been completed since the summer of 2013. That translates to more than 800 new guest rooms added last year and nearly 1,000 more keys in 2014.

Image courtesy of homewoodsuites3.hilton.com

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

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