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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.

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