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Port of San Diego To Seek Developers for Waterfront Hotel in Chula Vista

11 Jun 2014, 12:34 pm

By Alex Girda, Associate Editor

The Port of San Diego plans to issue a request for qualifications this month for development of a resort hotel that would anchor the Chula Vista Bayfront master plan.

To be located on the 535-acre former site of the South Bay Power Plant, Chula Vista Bayfront would rise on one of the largest remaining waterfront development sites available in California. The port is seeking teams qualified to develop a large-scale, convention-oriented hotel and resort. Jones Lang LaSalle Inc. serves as the port’s lead adviser on the project.

“With an improving U.S. economy and predicted increases in business and leisure travel, Chula Vista’s unique location on San Diego Bay is sure to attract strong interest from the development community,” said Chula Vista Mayor Cheryl Cox in a statement. “Chula Vista and the Port have cleared the way to create a shovel-ready project on prime bayfront property.”

According to a report commissioned by the San Diego Tourism Authority, the city’s overnight visitor volume will increase 1.8 percent per year on average for the next four years. While annual hotel room demand will increase more than 2 percent annually for the next four years, supply will not keep pace, the report adds.

Around 200 acres of parks and open space will be part of the project. Chula Vista Bayfront will include a signature public park, extensive walking trails, interpretive signage and shoreline promenades. The plan also includes marina improvements that would create a commercial harbor including retail space and dining near mixed projects planned by Pacifica Companies.

Image courtesy of chulavistaca.gov



Cornerstone Real Estate Advisors, Hammer Ventures Make Big Buys

5 Jun 2014, 1:00 am

By Alex Girda, Associate Editor

Cornerstone Real Estate Advisors L.L.C. and Hammer Ventures are the latest investors to make major acquisitions of industrial and office assets in metropolitan San Diego.

 Cornerstone paid $57,4 million to become the new owner of the North County Corporate Center, which comprises five industrial buildings located on 26 acres at 990 and 995 Joshua Way and 2750, 2760 and 2765 Progress St. Totaling 493,900 square feet of industrial and office space, the asset commanded about $117 per square foot.  The Los Angeles office of Colliers International represented both Cornerstone and the seller, JPMorgan Chase.

Completed in 1999, the property is approximately 90 percent leased to such tenants as Jeld-Wen, John Deere Water and CDTI. Jeld-Wen, which occupies about approximately 180,000 square feet, is the largest tenant.  Around 10 percent of the space, amounting to some 40,000 square feet, is available; Cassidy Turley handling the leasing.

The Torbati Building in downtown San Diego (right) was purchased by Hammer Ventures from 625 Broadway Holdings L.L.C. The local office of Colliers International represented Hammer in the acquisition of the 223,000-square-foot, 14-story building, which was completed in 1925; the seller represented itself.

Image: The Torbati Building at 625 Broadway, San Diego



NorthMarq Capital Provides $52 Million in Financing for San Diego M-F Complex

29 May 2014, 4:14 pm

By Alex Girda, Associate Editor

NorthMarq Capital recently provided $52 million in financing for the Tierrasanta Ridge Apartments in San Diego. Marty Meagher and Gardiner Champlin, both senior vice presidents and managing directors at the firm, arranged the financing, which is based on a 10-year term and 30-year amortization schedule and was funded through the provider’s AmeriSphere Fannie Mae DUS platform.

Tierrasanta Ridge Apartments is located at 5410 Repecho Dr., south of Claremont Mesa Boulevard and just east of I-15. The 356-unit community includes a variety of environmentally friendly features, such as a solar energy system that supplies 70% of common-area electricity, irrigation controllers with on-site weather stations, and landscaping that emphasizes drought-tolerant native Californian and Mediterranean plants. Other sustainable elements are low-flow shower heads and toilets, high-efficiency laundry rooms, a community recycling programs, and a pool and spa heated by solar energy.

Tierrasanta Ridge Apartments offers five different floorplans ranging in size from 650 to 957 square feet. The units include one-bedroom, one=bathroom,  two-bedroom, one-bathroom and two-bedroom, two-bathroom floor plans.

NorthMarq’s Meagher and Champlin team also recently arranged financing for residential properties in San Bernardino and Dallas. The company provided $16.1 million for the Creekside Village Apartments, a 304-unit affordable housing community in San Bernardino, and $6.35 million for the Atera Apartments, a 380-unit apartment property in Dallas,
rentv.com reports.

Photo courtesy of tierrasantaridge.com



Vista, Sorrento Mesa Industrial Assets Fetch $75M in Separate Deals

22 May 2014, 3:47 am

By Alex Girda, Associate Editor

In a great week for the San Diego industrial real estate market, two properties traded hands in a separate deals for a combined total of more than $75 million. In the larger of the two transactions, Cornerstone Real Estate paid  $57.6 million for  an asset in the Vista submarket, while a Sorrento Mesa industrial building was acquired by Colorado-based Alliance Commercial Partners LLC.

Cornerstone’s new acquisition,  North County Corporate Center, is a 34-acre industrial campus at Progress Street and Joshua Way. Completed in 1999, Its buildings total 493,898 square feet San Diego Business Journal reported. The seller, an affiliate of JPMorgan Chase & Co., was represented in the transaction by Cassidy Turley, which also represented the buyer.  

The 121,496-square-foot  property acquired by Alliance Commercial in Sorrento Mesa is fully leased to Russell Sigler Inc. for the next three and a half years. Completed in 1993, the property includes about 10,000 square feet of office space.  

According to Colliers International, only five industrial deals valued at $10 million or more closed in the San Diego market during the first quarter. Two of those deals involved assets in Vista. For the second quarter, Colliers’ data points to declining vacancy, higher net absorption, little new product and higher prices. Vacancy ranges from 3.9 percent in the I-15 Corridor to 8 percent in North County. For R&D facilities, vacancy rates vary from 9.9 percent to 12.7 percent.

Chart courtesy of Colliers International at

www.colliers.com

 

 



Regent Properties Buys Carlsbad Office Building; Legacy Signs AltheaDx to Torrey Pines HQ

15 May 2014, 3:36 am

By Alex Girda, Associate Editor

In a $16 million deal, Regent Properties recently acquired Atlas at Carlsbad, a 246,00-square-foot office property located north of Palomar Airport Road and west of Melrose Drive at 5909 Sea Otter Place.  Regent Properties acquired the property from W.P. Carey Inc.with the help of Cassidy Turley Managing Directors Dennis Visser and Aric Starck. The latter also represented the seller.

The new owner has reportedly lined up a number of improvements and modifications for the property. Regent Properties will focus on renovating the interior, but will also add new landscaping, additional parking spaces and other site work, rentv.com reports.

Meanwhile,  Torrey Riidge Science Center in Torrey Pines (pictured at right) signed AltheaDx to a 70,000 square feet at the recently renovated facility. The healthcare company was represented by Cushman & Wakefield’ Inc.’s Ted Jacobs, Brent Jacobs and Greg Bisconti while landlord Legacy Partners worked with Rich Danesi and Ryan Egli of CBRE Group Inc.’s life sciences group. Terms were not made available.

Torrey Ridge Science Center will become the home of AltheaDx once the company moves from its current Sorrento Valley locatiion at the beginning of next year. The property offers a full-service cafeteria with indoor/outdoor dining, conference and training facilities, a fitness center and nearby walking trails with exercise stations.

Image courtesy of legacypartners.com







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