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Kilroy Realty Corp. Plans $45M Office Project in Del Mar Heights

30 Oct 2014, 6:08 pm

By Alex Girda, Associate Editor

A year after acquiring The Heights at Del Mar, Kilroy Realty Corp. is planning to invest $45 million to develop a third office building on the campus. Kilroy broke ground earlier this month on the project, which will be Del Mar Heights’ first new speculative office building in eight years.

Taking shape at 12770 El Camino Real at the corner of Townsgate Drive, the 74,895-square-foot Class A office building would expand the campus to about 295,000 square feet. The existing buildings at the complex offer 219,000 square feet and are LEED Silver-certified. Scheduled for completion in the fourth quarter of 2015, the building will be a candidate for LEED Gold certification.

The Heights at Del Mar is located near 270,000 square feet of full-service retail and a community park that also features multiuse sports fields, exercise facilities, a gymnasium, basketball and volleyball courts and a swimming pool.

Designed by Gensler, the project will feature steel frame construction, floor-to-ceiling glass, a top floor balcony and indoor/outdoor workspaces. Amenities will include a high-end fitness center, golf simulator, outdoor amphitheater and secured executive parking below ground level. Cassidy Turley will serve as leasing agent.

HFF Secures $7.5 Million for Hillcrest M-F Project

24 Oct 2014, 3:15 pm

By Alex Girda, Associate Editor

A residential project in San Diego’s Hillcrest neighborhood recently received a major boost as developer Hillcrest Veritas L.P. secured $7.46 million in construction and permanent financing. HFF arranged the 12-year, fixed-rate loan, which is being provided by a correspondent life insurance company.

Located northwest of Balboa Park at 4021 Eighth Ave., Hillcrest Apartments will occupy a 15,200-square-foot site. The 36-unit, five-story project will offer residential units averaging 877 square feet of space. The community will offer one- and two-bedroom units, as well as above-grade parking. Hillcrest Apartments is currently due for completion in 2016.

The borrower locked in a 4.29 percent rate, with an interest-only period of up to 27 months. At stabilization, the 71 percent loan-to-cost financing will convert to a permanent loan. An earn-out feature allows the borrower to draw additional funds upon stabilization. The HFF team consisted of Senior Managing Director Aldon Cole and Associate Director Bryan Clark.

Hillcrest Veritas’ experience includes more than 1,000 residential units and 60,000 square feet of commercial space. Murfey Construction Inc. , which specializes in commercial and residential mixed-use urban infill projects, serves as general contractor.


New Retailers Bring Balboa Mesa to 100% Occupancy

15 Oct 2014, 10:35 pm

By Alex Girda, Associate Editor

Regency Centers has recruited 13 new retailers at Balboa Mesa Shopping Center, bringing the 210,000-square-foot property to full occupancy. The company’s local leasing agent, Eric Li, completed the leases while the grocery-anchored center was undergoing redevelopment.

New additions include Doctors Express Urgent Care, 85°C Bakery Café, Ototo Sushi Co, Glamour Nails, The Vitamin Shoppe, Chicken Charlie’s FryBQ, The Habit Burger Grill, Pieology, Jersey Mike’s Subs, Boudin SF, Great Clips, Clairemont Smiles, San Diego County Credit Union and Luna Grill.

The retailers complete the tenant roster at a center that serves about 130,000 residents within a three-mile radius, Regency said in a statement.

“This is a well-established community with a huge population. We really took a lot of time and effort early on to craft a project and merchandising plan that met the needs of the community,” Li said. A grand re-opening showcasing the new tenants is scheduled for November.

R&V Management Acquires M-F Asset in Otay Mesa for $150M

2 Oct 2014, 3:13 pm

By Alex Girda, Associate Editor

In the San Diego area’s largest multi-family deal so far in 2014, R&V Management Corp. of San Diego paid $150 million for a 644-unit community in Otay Mesa, according to The San Diego Business Journal. An affiliate of Garden Communities Inc., also of San Diego, was the seller. The deal was arranged on behalf of both parties by a team from Cushman & Wakefield Inc.

Greenfield Village comprises fifteen buildings, two clubhouses, an indoor movie theater, fitness facilities and a business center. The acquisition expands R&V Management’s portfolio in San Diego County to more than 7,000 units.

In other San Diego County multi-family news, Wermers Properties and R&V Management have acquired a development site from Pacific Highlands Ranch Village L.L.C. near the master-planned community of Carmel Valley. The two parties paid $17.5 million. The buyers plan to develop about 331 units on the site.  Construction is scheduled to begin early next year and be completed in 2017, SDBJ reports.

Image courtesy of gardencommunitiesca.com

Murphy Development Plans Technology Park; Recho Holdings Buys Scripps Ranch Flex Building

25 Sep 2014, 5:17 pm

By Alex Girda, Associate Editor

Murphy Development has acquired a 31-acre parcel in Scripps Ranch Business Park from Intel Corp. The company will rebrand the property Scripps Ranch Technology Park and plans to develop one- to three-story corporate headquarters buildings and R&D facilities on five lots ranging in size between 4.6 and 8.2 acres.

The lots are located on Scripps Ranch Boulevard, Meanley Drive and Hoyt Park Drive, and offer easy access to I-15 via three access points: Mira Mesa Boulevard, Pomerado Road and Carroll Canyon Road. The projects would conform to the zoning and entitlements in place for Scripps Ranch Business Park Phase III, which is the home of tenants such as Lockheed Martin, Paychex and CoreLogic.
Scripps Ranch Technology Park is also near walking trails, retail centers, Lake Miramar, Scripps Ranch Library and Scripps Ranch High School.

In another recent industrial transaction, Recho Holdings L.L.C. paid close to $3.5 million for 9745-9747 Businesspark Ave. (pictured), an industrial/R&D building in Scripps Ranch. Recho will occupy the first floor, and the second floor will be operated as executive suites.

The seller, Dealy Family Trust, was represented by Colliers International’s Ty Moffatt, David Harper and Kyle Moffatt, while Recho was represented by Evan McDonald, also of Colliers.


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