JMR Plans Q2 Start for $38M Residential Project in Santee

By Alex Girda, Associate Editor

JMR Properties Inc. plans to launch construction of a $38 million residential project in Santee during the second quarter, the San Diego Business Journal reported. Dubbed Parc One @ Santee, the project received city approval late last year.

Located at the corner of Cuyamaca Streetand Town Center Parkway, the 172-unit community will be near the San Diego River and the Santee Trolley Town Square shopping center. The San Diego Trolley links the area with San Diego State University, Old Town and Downtown San Diego. A recently completed 55-acre community park offers baseball, soccer and football fields, tennis courts, picnic areas and playgrounds.

Parc One @ Santee will incorporate energy-efficient materials as well as an environmentally conscious design provided by O+L Architects. The community will include such upscale amenities as a swimming pool, spa, a high-end fitness facility, club room and landscaping.

Granite countertops, deluxe appliances, designer light fixtures, luxurious carpeting and ceramic tiles throughout the bath and kitchen complete the amenity package. West America Corp., the project’s contractor, is expected to complete construction by the summer of 2014.   

Rendering courtesy of olarchitects.net

Pebblebrook Pays $113M for Embassy Suites San Diego

By Alex Girda, Associate Editor

Pebblebrook Hotel Trust has added the Embassy Suites San Diego Bay to its portfolio after paying $112.5 million for the 337-key hotel. The acquisition of the full-service, upper-upscale hotel expands Pebblebrook’s portfolio to 26 properties valued at about $2.1 billion.

As part of the deal, the REIT assumed a $66.8 million secured, non-recourse loan, with the balance of the purchase price being funded through available cash.

Embassy Suites San Diego Bay, which will be managed by HEI Hotels and Resorts, operated at 83 percent occupancy in 2012. Completed in 1988, the property underwent its most recent major renovation in 2006. A $3.5 million overhaul of the guest suites was completed last spring.

Located Downtown at the intersection of Harbor Drive and Pacific Highway, the hotel is within walking distance of such attractions as the San Diego Convention Center, the Gaslamp Quarter, Seaport Village, Petco Park and Horton Plaza Shopping Mall. Distinctive features of the property include a 12-story atrium and panoramic views of the bay and the city.

Standard guestroom amenities feature a 37- or 42-inch flat-screen TV, microwave, mini-refrigerator, coffee maker, and high-speed Wi-Fi Internet access. Hotel facilities include 5,000 square feet of meeting space, the PFC Bar & Grill, 3,411 square feet of retail space and an indoor heated swimming pool and whirlpool.

Regency Scored County’s Top 2012 Retail Buy: $81M Grocery-Anchored Center in Hillcrest

By Alex Girda, Associate Editor

Regency Centers Corp. wrapped up 2012 with San Diego County’s biggest retail transaction of the year. Last month, the Jacksonville, Fla.-based REIT paid $81.1 million for Uptown District, a 148,638-square-foot grocery-anchored center located at 940 University Ave. in the Hillcrest neighborhood. Costar Group identified the buyer as Commercial Properties Services, which was represented by Alvin Mansour of Marcus & Millichap Real Estate Investment Services Inc.

Uptown District is anchored by Ralphs and Trader Joe’s, and its tenant roster includes national brands like Starbucks, Party City, Pier 1 Imports, Wells Fargo and Panera Bread. About 550,000 residents live within a five-mile radius. The 26-year-old property was renovated most recently in 2007, Costar reported.

Uptown District is 95 percent occupied, a rate that illustrates the strength of San Diego’s retail market. By the end of last year, vacancy in San Diego had declined to about 3 percent, well below the national rate of 9 percent, according to Marcus & Millichap.

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

Contactor Heads for Home on $11M USD Ballpark Project

By Alex Girda, Associate Editor

An $11 million rejuvenation effort at the University of San Diego’s aging baseball park is rounding third and heading for home. Turner Construction Co. recently hit the 50% completion mark at Fowler Park, which is on track for topping out later this month and completion in February.

Taking shape at  53-year-old Cunningham Field, Fowler Park will add 1,700 seats and a new player clubhouse. Also on tap are two suites, a press box, restrooms, concessions, stadium lighting, new sod and synthetic turf. Fowler Park is home to the Toreros, one of the top 25 college baseball teams in the country.

Turner Construction is employing green building methods, including the use of local and recycled materials and low-flow plumbing fixtures, all intended to qualify the project for LEED Silver Certification.

In addition, Turner is using the EcoPort Trailer for its jobsite office. Constructed of nontoxic, formaldehyde-free plywood, the trailer uses solar and wind-generated power and composting technologies.

Rendering courtesy of usdtoreros.cstv.com

Golden Door Spa in San Marcos Commands $25M

By Alex Girda, Associate Editor

The Golden Door Spa, a Japanese-themed luxury resort in San Marcos, has traded for $24.8 million, according to Holiday Fenoglio Fowler, which arranged the sale to an undisclosed buyer. HFF’s team was led by senior managing directors Dan Peek and Bill Stadler, and also included managing director Scott Hall and Alexandra Lalos, an analyst with the firm.

Located a 40-minute drive from downtown San Diego, the Golden Door Spa opened in 1958 and was rebuilt in 1975. Its facilities include  fitness centers, a tennis court, swimming pool, Jacuzzi, water therapy pool, Japanese bathhouse, archery range and about 20 miles of hiking trails.

Also on the grounds are a 122-acre avocado orchard and organic vegetable and fruit gardens. In addition, the new owner has also acquired the Golden Door brand, and retains the right to expand the property.

According to HFF, Golden Door Spa represents “one of the most well-known destination spa resorts and wellness brands in the world.” The property’s redevelopment and expansion opportunities, as well as its familiar brand, proved attractive to investors, explained Peek.  

Image courtesy of spafinder.org