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San Diego Submarkets Continue Strong Showing as Office, Industrial and M-F Assets Trade

17 Jul 2014, 2:51 pm

By Alex Girda, Associate Editor

Although the number of blockbuster sales is relatively modest in metropolitan San Diego, its submarkets are generating a steady stream of transactions. An office campus in Del Mar Heights, an industrial asset in Otay Mesa and a multifamily complex in Imperial Beach all traded hands this week, underlining the market’s appeal to expansion-minded occupants and to investors.

Houston-based Lionstone Investments acquired Torrey Reserve West, a three-building office campus in Del Mar Heights. The two-story buildings total 118,030 square feet of space , as well as surface and structured parking.

The property was about 90 percent occupied at the time of the transaction, outperforming the market average. With asking rents on the rise, Lionstone will look to further boost occupancy. Del Mar Heights is one of the county’s best- performing submarkets, currently featuring the highest rental rates in the area.

The industrial deal was completed by Niceride 1 L.L.C., which paid  JJB Silverhawk and VCH No. 1 about $8.15 million for an asset in Otay Mesa. The deal was brokered by  Cassidy Turley. Located in the master-planned Siempre Viva Business Park at 8851-8877 Kerns St., the building totals 115,290 square feet. The building will become the new corporate headquarters of Otay Mesa Leasing, which signed a 10-year lease. The company supplies construction and industrial equipment in Southern California and Mexico.

On the residential front, Kruetzkamp Family Trust recently acquired the Century Arms Apartments in Imperial Beach for $3.6 million. The 22,800-square foot asset, which is fully occupied, includes 14 one-bedroom units and 16 two-bedroom apartments. Built in 1977, the asset is located at 1471 13th St. in Imperial Beach. The deal was arranged by Colliers International on behalf of the buyer and the seller, Kromydas Family Trust.



HCP Buys Torrey Pines R&D Building; Ariel Suites Announces Trio of Commercial Tenants

10 Jul 2014, 4:31 am

By Alex Girda, Associate Editor

San Diego’s real estate market has once again recorded an active week. Health Care Properties Inc. recently paid $43.7 million to Angelo, Gordon & Co. for a Torrey Pines research and development office property. The deal was arranged by CBRE Group Inc. representatives Ryan Egli and Hunter Rowe, The San Diego Business Journal reports.

Located at 11099 N. Torrey Pines Road in Torrey Pines Science Park, the building offers 92,479 square feet of office space. At the time of the transaction, the property was around 93 percent under contract. The building’s tenant roster features names such as DermTech International, Amicus Therapeutics Inc., COI Pharmaceuticals Inc. and Monsanto LLC.

Meanwhile, at the corner of Beech Street and Kettner Boulevard in San Diego, the Ariel Suites apartment tower is taking shape. Scheduled for completion next year, the 22-story residential tower designed by AVRP Studio has reportedly secured three tenants for its commercial space.

Mexiterranean Hospitality L.L.C. has leased 4,650 square feet of space for ten years for a restaurant featuring Baja Mediterranean-style cuisine, while Pan Bon, a bi-level restaurant, will occupy 6,500 square feet for its wholesale operations. The third retail tenant, a Hanson’s Market organic grocery, will take 8,500 square feet.  

Image courtesy of avrpstudios.com



Scripps Memorial Hospital Encinitas Unveils $94M Expansion

3 Jul 2014, 2:15 am

By Alex Girda, Associate Editor

Scripps Memorial Hospital Encinitas in North County recently marked the completion of $94 million expansion on July 1 with the grand opening of the Leichtag Foundation Critical Care Pavilion. The project added a the new emergency department and inpatient rooms along with other improvements. The new facility is named after Leichtag Foundation, a local philanthropic organization and key contributor to the project.

As part of the expansion, the hospital is adding the 72,321-square-foot Leichtag Foundation Critical Care Pavilion, as well as a new central energy plant, new medical imaging technology and various infrastructure improvements on the premises.

The new building’s first floor includes a 26-bed emergency department, with all private rooms. Two rooms double as resuscitation facilities, and four can serve as isolation rooms for patients with suspected airborne illnesses.

The second floor features 36 private recovery rooms  that will help cut patient waiting times in the emergency department. New imaging technology made available at the facility includes MRI, CT scanning and digital diagnostic X-ray units.

The first phase of the expansion of Scripps Encinitas included the development of 884-space parking facility that was completed in 2011. The recently completed second phase also includes $6 million in public infrastructure improvements.

Image courtesy of scripps.org



DRA, Cypress Pay $41M for Sorrento Mesa Office Portfolio; NBC 7 Seals Move to Kearny Mesa

26 Jun 2014, 3:29 pm

By Alex Girda, Associate Editor

In yet another busy week for San Diego office investment market, details emerged of two deals totaling $50 million in value.

In the larger of the two transactions,  DRA Advisors L.L.C. and Cypress Office Properties L. L.C. acquired four properties in the Sorrento Mesa submarket from TA Associates Realty for about $41 million.  The properties total 190,200 square feet of office space, all of it under contract.

Included in the portfolio are 5910 Pacific Center (three stories, 50,900 square feet);  Pacific Heights Plaza (two stories, 51,000 square feet); and 10020 and 9980 Huennekens Street (88,000 square feet). The new owners plan upgrades to such elements as common areas to further boost the assets’ position in the Sorrento Mesa submarket.  Cassidy Turley Executive Managing Director Rick Reeder and Managing Director Brad Tecca arranged the transaction on behalf of the seller, rentv.com reports.

Also announced last week was the $9.6 million sale of 9680 Granite Ridge Drive in Kearny Mesa to KNSD Granite Ridge L.L.C., an affiliate of NBC 7 San Diego. The 52,347-square-foot building (pictured at right) will become the station’s new headquarters in 2016 after it leaves its current home at 225 Broadway in downtown San Diego.

The  building will provide studio and administrative facilities for the station, which will occupy the space after improvements are complete, according to a statement. Colliers International arranged the acquisition for the buyer.



Sundt to Manage Construction of Science Building at SCCD’s National City Campus

18 Jun 2014, 9:14 pm

By Alex Girda, Associate Editor

Taking a crucial step toward starting work on a new science building on its National City campus, the Southwestern Community College District has selected Sundt Construction to manage the $15.3 million project.

Designed by Johnson Favaro architects, the two-story, 25,000-square-foot facility will provide laboratory space for the college’s chemistry, biology, microbiology and anatomy programs.

Also part of the project is the renovation of 10,000 square feet of office space that will be occupied by the college’s Small Business Development Center and Contract Opportunities offices. Construction is scheduled to begin in July 2015 and to be completed in 2017.

Sundt’s other recent  higher education projects in the state include the three-year-old Social Sciences and Management Building at the University of California’s Merced campus (pictured at right) and a $59 million research facility that opened in 2013 at the UC Davis School of Veterinary Medicine.

Word of Sundt’s selection by the community college district came a few days after Sundt had announced the addition of five new team members to its San Diego office. Amber Simonson and Rudy Teh joined as senior project engineers, Thomas Lopez came on board as a project engineer, Ron Eldridge will serve as a senior project superintendent and Tom Oliver is a new project superintendent.  

Image of UC Merced Social  Sciences and Management Building courtesy of sundt.com

 

 

 

 



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



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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