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Northrop Grumman-Leased Office Campus Trades Hands

26 May 2015, 3:01 am

By Alex Girda, Associate Editor

Drawbridge Realty recently acquired the Spectrum Corporate Center in San Diego from Real Estate Capital Partners and IVG Institutional Funds. Michael Roberts and Brunson Howard of Cushman & Wakefield Inc. arranged the deal, which was valued at about $61 million.

Located on 10 acres at 9326 and 9356 Spectrum Center Boulevard and 4830 Ruffin Road in Kearny Mesa, the three-building campus offers a total of 182,900 square feet of space. Spectrum Corporate Center consists of a pair of two-story buildings connected by a 6,775-square foot atrium and a three-story, 66,495-square-foot building.

The 10-year-old facility is fully leased to Northrop Grumman Systems Corp. a subsidiary of Northrop Grumman Corp. Its location offers access to major routes, including Interstates 15, 805, 8, and 5 as well as Highways 52 and 163.

Northrop Grumman has occupied the property since its completion in 2005. The company re-committed to the Spectrum Corporate Center just last fall when it inked a 10-year, triple-net lease.

Image courtesy of drawbridgerealty.com

Senior Services Provider Debuting $43 Million Apartment Community

19 May 2015, 5:23 am

St. Paul’s Senior Services plans a June 2 opening for St. Paul’s Plaza, a new $43 million senior community with 156 apartments in Chula Vista. The development spans 4.5 acres in the Otay Ranch master-planned community.

COMM22 Debuts Affordable Communities Victoria, Paseo in San Diego

18 May 2015, 4:23 pm

By Alex Girda, Associate Editor

The San Diego affordable housing market is further expanding, as BRIDGE Housing recently held a grand opening ceremony for two communities at its COMM22 affordable community. The ribbons were cut for the Paseo and the Victoria on May 8 during an event held at 2325 Commercial St., just days after BRIDGE Housing inaugurated another San Diego community.

Located in the Logan Heights neighborhood, COMM22 is a master-planned project co-developed by non-profits BRIDGE Housing and MAAC, in partnership with the San Diego Unified School District. The mixed-use development is located on a four-acre site previously occupied by an SDUSD maintenance facility. Apart from the two newly opened affordable communities, the project will feature enhanced plaza areas, a day-care facility, community-serving commercial and retail, office space, market-rate lofts and for-sale townhomes.

Paseo at COMM22 totals 130 apartments designed for families, with units at the property intended for households earning 30 to 60 percent of the area median income. Rents are set to range between $421 and $1,098, based on unit size, family size and household income. Victoria at COMM22 is a slightly smaller complex that offers a total of 70 units intended for seniors. The property is directed toward households earning around 30 to 50 percent of the AMI (less than $31,600 for a two-person household). Rents at Victoria range between $250 and $823.

COMM22 received $85 million in financing for the infrastructure; family and senior housing phases came from a number of sources, among them the city of San Diego/Civic San Diego, the San Diego Housing Commission, the U.S. Department of Housing and Urban Development, a HOME Investment Partnerships Grant, the voter-approved Proposition 1C TOD and Infill Infrastructure Grant and Loan Programs and Bank of America. According to Ari Beliak, vice president of community development banking for Bank of America, the institution has provided “more than $53 million in various funding to help make this important vision a reality for San Diego.”

Victoria and Paseo are part of phase one of the new project, which is the area’s first in 15 years.

Images courtesy of bridgehousing.com

Zephyr Picks Designer for $250M Condo Project

8 May 2015, 6:44 pm

By Alex Girda, Associate Editor

Joseph Wong Design Associates is taking the lead architect role for Zephyr’s planned mixed-use development on Broadway. Currently known as The Block, the $250 million project will incorporate two residential towers between 7th and 8th Avenues in downtown San Diego. Current zoning allows the developer to build up to 720,000 square feet of space at the 60,000-square-foot site.

The first project of its kind to be developed downtown since the recession, The Block will bring some 600 residential units to the area, along with 20,000 square feet of retail space. The two condo towers will stand 41 and 21 stories tall, and will offer studio, one-, two-, and three-bedroom floor plans.

Zephyr paid $21.1 million last year for the site, which is one the last full blocks available for development in the city’s core. The developer expects to break ground during the fourth quarter.

Joseph Wong’s local credits include such major projects as the Hilton San Diego Bayfront Hotel, Hotel Indigo, San Diego Convention Center Sails Pavilion Enclosure and the San Diego North Embarcadero Visionary Plan.

Image courtesy of zephyrpartners.com

Rising Multi-Family Rents Lure More Investors

1 May 2015, 8:26 pm

By Alex Girda, Associate Editor

As San Diego multi-family rents continue on their upward trajectory, investors are looking to cash in on their holdings or establish a local foothold. At the end of the first quarter, the average monthly rent in San Diego stood at $1,596 per month, according to Marcus & Millichap. Recently, multi-family deals totaling more than $50 million in value were completed in the market.

BluWater Crossing in Carlsbad was acquired by an affiliate of Pacifica Real Estate Services Inc., a Rancho Santa Fe-based entity. The 66-unit asset commanded $39.7 million in a deal arranged by James Neil, J. Kevin Mulhern, Dixie Hall, Eric Comer and Rachel Parsons of CBRE. The seller was the Macquarie Group of Seattle. BluWater Crossing was completed in 2009 on an 8-acre site at 6800 Embarcadero Lane. Vacancy was about 3 percent at the time of the transaction, The San Diego Business Journal reported.

Also under new ownership is the Marquis at Hillcrest, recently acquired by Littletown Realty L.L.C. from Virtu Investments LLC. in a $13.7 million transaction. Tyler Sinks and Kyle Pinkalla of Cushman & Wakefield Inc.’s multi-family advisory group arranged the sale. Located at 1751 University Ave., the 58-unit property was built nearly a century ago, the property and underwent extensive renovations in 2008. Residents have access to an amenity package that includes a fitness and yoga center, courtyard, on-site laundry and a business center.

Chart courtesy of Marcus & Millichap

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