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Richman Adds to San Diego Riches

31 Jul 2015, 9:10 am

By Ioana Neamt, Associate Editor

330 13th St San Diego

330 13th St San Diego

The Richman Group of California Development Co. keeps adding to the San Diego skyline. The Greenwich, Conn.-based company has received unanimous approval from Civic San Diego to develop a $100 million+ mixed-use project directly across from the San Diego Central Library.

The development, dubbed 330 13th Street, will be located on a 38,846-square-foot undeveloped site on Park Blvd. and will include a 22-story mixed-use tower, as well as a low-rise building called The Sliver. The residential tower will incorporate 226 apartments and more than 7,000 square feet of commercial space. The Sliver will feature two penthouses, a restaurant with outdoor seating and a park-like open-space corridor.

The proposed development is a result of a collaboration between Richman, architects DesignARC LA Inc. and Rob Wellington Quigley, FAIA, landscape architect Spurlock Poirier, and project manager NEXUS Planning Consultants. Quigley also handled the design for the San Diego Central Library.

“Given the site’s location, across the street from the much-loved Central Library and along the Bay-to-Park Link that joins San Diego with Balboa Park, we realized we owed the city an iconic project that complemented the library and provided engaging public spaces,” said Luke Daniels, president of The Richman Group in a statement.

Groundbreaking for 330 13th St. is scheduled for the second quarter of 2016. The Richman Group will also break ground on F11—a luxury mixed-use development on the north side of F St.—in early 2016.

Image courtesy of The Richman Group

Partnership Aims to Strike Gold at Rancho Del Oro in Oceanside

27 Jul 2015, 10:34 am

By Alex Girda, Associate Editor

Oceanside is getting a new 30-acre gated community as a team of developers recently held an official ground breaking event for the Pacific Ridge project. Presidio Residential Capital and Cornerstone Communities are working on the project that is part of the city’s Rancho del Oro master planned community. This is the the third project under construction by the Presidio/Cornerstone venture, which is currently working on two other developments in Bakersfield and Chula Vista.

Pacific Ridge

Pacific Ridge

Comprised of three communities totaling 317 residences, Pacific Ridge will offer distinct styles of homes in each of the areas. Lucero will offer residents 125 three-and-a-half to four-bedroom townhomes with sizes up to 1,825 square feet. Brisas will be a 120-home community with homes ranging in size between 1,480 and 1,812 square feet, while Altura will offer higher-end homes, with 72 single-family detached homes ranging from 1,770 to 2,030 square feet being planned here. The resident amenity package will feature a heated lap pool, spa, lounge area, common dining and entertainment space, a dog park, outdoor fitness facilities and a walking path. Homes will be available for sale during the summer of 2016, while model construction will begin in January.

Brookwood Takes a Trio in Carlsbad

5 Jul 2015, 7:26 pm

By Alex Girda, Associate Editor

Since re-entering the California real estate market in 2012, Brookwood Financial Partners has continued to expand its holdings in the state, particularly focusing on the San Diego metro. After boosting its management ranks by adding Matthew. Brown, Brian Trout and Jonathan Dayton to key positions, the company completed deals for three office properties in the Carlsbad submarket that expanded its portfolio by 351,928 square feet.

Brookwood acquired Carlsbad Executive Plaza, the Carlsbad Pacific Center, and Plaza I & II. The three assets total nine commercial buildings, taking the company’s San Diego-area portfolio to 24 buildings and more than 1.25 million square feet. In a statement, Brookwood said that it will invest $4.7 million in improvements.

Carlsbad Executive Plaza

Carlsbad Executive Plaza

Carlsbad Executive Plaza comprises four three-story buildings and 132,869 square feet. Brookwood will spend about $2.3 million to add new lobbies and common areas, renovate courtyards and remodel restrooms.

Plaza I & II is a two-building, 89,000-square-foot complex and is 89 percent leased. The new owner has lined up $900,000 for upgrades that will include a collaborative outdoor work and entertainment area.

Carlsbad Pacific Center’s 30 percent vacancy rate is the highest of the three properties. To improve that performance, Brookwood plans a $1.5 million renovation that will focus on common areas, fitness facilities and the creation of a collaborative outdoor area comparable to the one planned for Plaza I & II.

Image courtesy of brookwoodfinancial.com

Investor Finds Hospitable Climate in Del Mar

30 Jun 2015, 3:18 pm

By Alex Girda, Associate Editor

After a great 2014, Southern California’s hospitality market is off to another strong start. Looking to make a successful investment play on its home court is Southwest Value Partners, which recently acquired the DoubleTree San Diego Del Mar, a 224-key property located in the Del Mar Heights submarket. Bob Kaplan and Rod Apodaca, both senior vice presidents with CBRE Hotels, represented the seller, an affiliate of Fillmore Capital.

DoubleTree San Diego Del Mar

DoubleTree San Diego Del Mar

Only three years after the property’s most recent renovation, the new owner plans to improvements in order to continue providing upscale guest services. Completed in 1991, the facility offers access to I-5 and State Route 56.

In a statement, Southwest Value Partners said that Dimension Development Co. will stay on to operate the property under the DoubleTree by Hilton brand.

Image courtesy of doubletreesandiegodelmar.com

College Grove M-F Deal Points to Community Renewal

22 Jun 2015, 2:30 pm

By Alex Girda, Associate Editor

In 1986, College Grove was one of the city’s main areas of interest for redevelopment and renewal, with the now-defunct Redevelopment Agency focusing on the College Grove Shopping Center area. Three decades later, the area is undergoing accelerated gentrification, spurring investment and interest in properties near the retail center.

The Park Grove Apartments Colliers International’s San Diego Multifamily Advisory Group recently arranged the transaction of a 98-unit multi-family asset at 3635-75 College Avenue. In a $9.7 million deal, 3635 College Ave. L.L.C. acquired the property from the William R. Mundt Trust. According to Colliers, the new owner will rebrand the property and carry out major interior and exterior upgrades.

Known as Park Grove Apartments, the community is located on a 70,000-square-foot site and offers good access to nearby I-94. San Diego State University is two miles from the property.

The 58,814-square-foot property was built more than a half-century ago and comprises six two-story buildings. The unit mix at Park Grove Apartments features 45 two-bedroom apartments and 53 one-bedroom units.

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