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Small San Diego Apartment Communities Trade Hands in Deals Totaling $10M

21 Aug 2014, 8:06 pm

By Alex Girda, Associate Editor

Two small deals for San Diego-area multifamily properties recently closed, netting a combined transaction value of just under $10 million. The Coronado Villa Apartments in San Diego and a Pacific Beach multifamily property both have new owners after trading hands for fees of $5.7 million and $4 million, respectively.

In Pacific Beach, the San Diego office of Colliers International handled the sale of a 16-unit multifamily property at 1827 Reed Ave. Colliers representatives Daniel Foley and Savvas Marinos worked with buyer Toremi 1994 Revocable Trust, while seller Machado Family Trust employed Mark Friedman of Realty World to handle its end. The two-story property offers six two-bed, one-bath units; six one-bed, one-bath units; and four two-bed, two-bath units, as well as two carports and 11 off-street parking garages. According to Colliers, the transaction indicates the appeal of coastal properties in the current local multifamily market.

The Coronado Villa Apartments in San Diego were acquired by Del Coronado Villas LLC, an entity based in Del Mar. The 1966-constructed rental property is located on a 2.3-acre site and is currently 96 percent under contract. The 24-unit residential complex, located at 1596 Coronado Ave., was sold to Del Coronado Villas by Kreutzcamp 2000 Trust of Chula Vista. The transaction was arranged by Berkadia representative Steve Huffman on behalf of both sides, The San Diego Business Journal writes.

San Diego State Starts $53M Makeover of Residence Hall

14 Aug 2014, 4:15 am

By Alex Girda, Associate Editor

San Diego State University’s has kicked off a $53 million renovation of Zura residence hall. The facility offers three housing towers of five, seven and eight stories connected by a common first floor. Totaling 141,000 square feet and 585 beds, the capacity will be expanded to 606 beds.

Upgrades and improvements will include an enhanced main entrance, new restroom cores, upgraded finishes, added seismic safety features, new windows, and new mechanical, electrical and plumbing systems.

Also planned are new study and social space, enclosure of some balconies to increase room sizes, and an overhaul of the elevator tower.

 Balfour Beatty Construction is serving as the design-build contractor. Financing is being provided by the state university system’s revenue bond program and housing reserves. Completion of the project is scheduled for next summer. Balfour’s design-build partners in the project are HMC Architects and Mahlum Architects.   

Image courtesy of balfourbeattyus.com

BBL Commercial, Westbook Buy “Mister A.’s Building” in Downtown San Diego

6 Aug 2014, 9:18 pm

By Alex Girda, Associate Editor

After a half-century of family ownership, the downtown San Diego property popularly known as “Mister A.’s Building” is changing hands.

In a $39.25 million deal, BBL Commercial Real Estate and Westbrook Partners have acquired the 140,832-square-foot office building at 2550 Fifth Avenue. The parties involved in the transaction represented themselves, and Cassidy Turley will serve as the property’s leasing representative.

Formally known as Fifth Avenue Financial Center, the 13-story building earned its nickname from its rooftop restaurant, Bertrand at Mister A’s. The building’s namesake eatery will retain its location.

The propertu is currently 74 percent occupied. According to rentv.com, many current tenants have occupied their spaces for the past three decades.

BBL and Westbrook’s plans include the addition of a 5,000-square-foot restaurant and a brew pub, The San Diego Union-Tribune. Also in the works are street-level retail and a variety of amenities. BBL and Westbrook have yet to name the consultants that will handle the makeover.

Lincoln Buys Carlsbad Corporate HQ; El Cajon Industrial Asset Trades for $5.7M

30 Jul 2014, 7:17 pm

By Alex Girda, Associate Editor

A Carlsbad corporate headquarters property and an El Cajon industrial park  traded hands this past week as San Diego’s investment market continued its busy summer.

In a %21 million deal, an entity controlled by Lincoln Property Co.  closed on the acquisition of a corporate headquarters in Carlsbad. Denali California Faraday Industrial L.L.C. purchased the property at 2081 Faraday Avenue from Biodec LLC. Cassidy Turley represented the buyer.

SKLZ’s headquarters in Carlsbad

Part of the Carlsbad Research Center, the building totals 150,159 square feet of office space and is  fully leased to Pro Performance Sports, L.L.C., which owns the SKLZ brand. The company offers sports products, technologies and training to athletes around the world.

The building currently serves as SKLZ’s headquarters, as well as its specialized sports equipment testing and training venue. This is the second Carlsbad purchase that Lincoln has completed this year, following the acquisition of the 106,311-square-foot multi-tenant industrial building at 2270 Camino Vida Roble.

In industrial investment news,  Propco LP. paid $5.7  million for a 70,700- square-foot  asset in El Cajon.  Developed 43 years ago, the industrial business park at 474-500 Raleigh Avenue was acquired by from M. House Family L.P. Cassidy Turley and Inland Pacific Commercial Properties advised the buyer  while Heritage Capital Advisors represented the seller.

Located on a four-acre site in downtown El Cajon, the property is fully under contract. The business park’s tenant roster includes such names as Ametek, and Triumph Fabrications.

Developers Break Ground on $120M Border Project Linking San Diego and Tijuana

24 Jul 2014, 3:59 am

By Alex Girda, Associate Editor

After nearly six years of planning, a $120 million project is under way at the border crossing between Tijuana and San Diego. Developers have started work on the Cross Border Xpress, a   a 390-foot-long pedestrian bridge to Tijuana International Airport. The project is the first facility in the United States that connects directly to a foreign airport terminal. Otay Tijuana Ventures L.L.C., an entity backed by investors from the U.S. and Mexico, is the developer and operator.

Plans call for a 95,000-square-foot project, of which 65,000 square feet will be designated as indoor and outdoor patio area. The property will offer retail, food and beverages, bilingual customer service, and both short-term and long-term parking. Cross Border Xpress will be enclosed with divided north/south corridors.

According to Jerry Sanders, President & CEO of the San Diego Regional Chamber of Commerce, the project aims to remedy border crossing delays and wait times that have produced “a real and tangible impact on the economy of our region, as well as our quality of life.”

Serving nearly 2.4 million passengers, the bridge will ease congestion at the San Ysidro and Otay Mesa land ports of entry. Cross Border Xpress will also provide travelers with access to the 30 routes available at Tijuana International Airport. Backers say that the project will boost Tijuana’s industrial, tourism and commercial platform while consolidating its position as a Maquiladora destination.

The developers sourced construction financing from Bancomext and Invex. On the San Diego side, Turner Construction and Hazard Construction will handle construction, while the Tijuana end will be  carried out by Grumesa S.A. de C.V.  Legoretta + Legoretta is the project’s architect.

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