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TIAA-CREF Takes Kearny Mesa Office Asset

22 Jan 2015, 9:58 pm

By Alex Girda, Associate Editor

In a $43.5 million deal, an affiliate of TIAA-CREF has acquired Copley Corporate Center in the Kearny Mesa submarket. The deal was arranged by Louay Alsadek, Kevin Shannon, Rob Merkin, Brad Black and Hunter Rowe of CBRE Group Inc. on behalf of Colony Realty Partners.

Located at 5855 Copley Drive, the three-story office building totals 120,489 square feet of space. The three-story building is readily accessible by I-805, SR-163 and Highway 52. Copley Corporate Center was completed in 2001 on a 5.3-acre site and includes a four-story parking garage that can accommodate 585 vehicles.

According to rentv.com, the facility is currently fully leased to Rady Children’s Hospital, UCSD/UC Regents and Kaiser Permanente. Property amenities include a fitness center with showers, a large cafeteria with an outdoor patio/eating area, and raised floor computer room. The property offers spacious floor plans destined for open office configurations, and 10-foot ceiling heights. Access to the building is via key card.

MetLife Acquires First Allied Plaza for $150M

16 Jan 2015, 4:10 am

By Alex Girda, Associate Editor

MetLife Inc. has completed the acquisition of a downtown San Diego office tower for a reported $156.8 million. The financial services giant is now the new owner of First Allied Plaza in San Diego, after its San Francisco office acquired the property from Lone Star Real Estate Funds of Dallas. Eastdil Secured L.L.C. represented the seller.

Located on a 1.7-acre parcel at 655 W. Broadway, the 376,703-square-foot property was completed in 2005. The property’s tenant roster includes the law firm Robbins Geller Rudman & Dowd L.L.P., consulting firm Deloitte and First Allied Securities Inc., a financial advisory company.

According to The San Diego Business Journal, at the time of the transaction, the property was 12 percent vacant. First Allied Plaza most recently traded in 2013 when Lone Star Real Estate Funds acquired it as part of a $621.5 million, 33-property portfolio.

Image by Wikimedia user Nehrams2020

Hines, Oaktree Buy Carlsbad Office/R&D Property

9 Jan 2015, 6:00 pm

By Alex Girda, Associate Editor

A joint venture of Hines and a fund managed by Oaktree Capital Management, L.P. has acquired a 178,570-square-foot office/research and development property in Carlsbad.

Located on a 13-acre at 2051 Palomar, the asset is 35 miles from downtown San Diego and 50 miles away from Irvine. Palomar Airport and a variety of local amenities are nearby.

Greg Mills, Michael Lawrence, Ben Tashakorian and Alex Jize of Marcus & Millichap Real Estate Investment Services Inc. arranged the sale on behalf of the seller. Terms were not disclosed.

“Carlsbad is a highly attractive submarket where Hines and Oaktree expect to grow our portfolio,” said Paul Twardowski, a Hines senior managing director, in a statement. He cited the Carlsbad’s attractive lifestyle and upscale demographics.

Current tenants include gaming giant Activision Blizzard, which produces the Warcraft and Call of Duty series, and Melles Griot, the global optics systems company. Hines, which will also serve as on-site property manager, plans upgrades to trim the property’s current 36 percent vacancy level.

For more San Diego market data, click here.

Polidev Investments Acquires Office/MOB Asset in University Town Center

5 Jan 2015, 5:16 pm

By Alex Girda, Associate Editor

Polidev Investments Inc. recently completed the acquisition of Genesse Plaza, a 161,184-square-foot office and medical office campus located in San Diego’s University Town Center submarket. HFF marketed the property for the seller, DivCo West, and secured acquisition financing for Polidev.

HFF’s team for the transaction was led by senior managing directors Nick Psyllos, Ryan Gallagher and Michael Leggett, director Nick Frasco, and senior real estate analyst Kara Mathis. The debt placement team that worked to secure financing on behalf of Polidev was led by director Jordan Angel and senior managing director Aldon Cole.

Genesse Plaza is a multi-tenant office and medical office campus located in one of the city’s strongest submarkets. The asset was renovated in 2012 and includes two four-story office buildings, as well as a two-level, 577-space subterranean parking facility, on a 3.6-acre site at 9333 and 9339 Genesse Avenue.

The property is located near a variety of major institutions and attractions, including Westfield UTC Mall, the University of California at San Diego, and Thornton and Scripps Memorial Hospitals. Interstates 5 and 805 provide access to Genesee Plaza.

The UTC submarket is a hotbed for growth in the medical sector; the pipeline for the period 2013 to 2016 totals $1.9 billion worth of development, noted Psyllos. “University Town Center is San Diego County’s premier location for medical facilities, research and ancillary medical office uses,”  Psyllos said in a statement.

For more San Diego market data, click here.

Chelsea Investment, Westminster Manor Plan $12.5M Makeover of Downtown Seniors High-Rise

18 Dec 2014, 11:19 pm

By Alex Girda, Associate Editor

Westminster Manor, an affordable housing community for senior citizens in downtown San Diego, recently entered a joint venture that will finance a $12.5 million renovation of the 42-year-old property. Colliers International broke the news that Chelsea Investment Corp. paid $28.6 million for its stake in a new entity, Westminster Manor L.L.C.

Westminster Manor is located at 1730 Third Ave. in San Diego. Constructed in 1972, the high-rise totals 152 affordable units that cater to seniors. The owners plan an extensive renovation, which is scheduled to start this month.

Upgrades to units will encompass bathrooms, kitchens, windows, flooring, lighting and appliances. Safety and infrastructure enhancements will include fire sprinklers, fire alarms, roofs, boilers and extensive repairs to plumbing systems and decks.

Highlights of improved resident amenities will be an expanded community room, computer room and library, along with new laundry facilities and outdoor space. The building’s exterior will get new paint, windows and signage.

Starting in February, residents will be relocated to The Lafayette Hotel and the Residence Inn Gaslamp for the duration of the renovation. The owners have retained Serving Seniors to help  ease residents’ transition to the temporary quarters. The project is expected to be completed by September 2015.


For more San Diego market data, click here.

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