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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

 

 







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