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The Tide Turns in Historically Conservative La Jolla

26 Aug 2015, 4:04 pm

By Alex Girda, Associate Editor

A rare deal was completed in La Jolla as Zwack Trust recently sold a multifamily asset for a reported $8.55 million. The transaction was arranged by Colliers International representatives Peter Scepanovic, Corey McHenry and Vitcor Krebs. The buyer was LJ Tides LLC.

The Tides Apartments

The Tides Apartments

Known as The Tides Apartments, the property is located at 7431 La Jolla Blvd. The 30-unit asset comprises eighteen studio units and twelve one-bedroom/one-bathroom units. Built in 1968, the three-story community is near the submarket’s well-known Marine Street and Windansea beaches. Some apartments offer patios or balconies that have views to the ocean.

The individuality of the deal in question is the fact that it even happened. According to Peter Scepanovic, a senior vice president at Colliers International, “multifamily properties rarely trade in La Jolla, and this is a premier value-add opportunity in one of Southern California’s strongest multifamily submarkets.” The Tides Apartments is a great example of the submarket’s character. The property has been under the ownership of the same family for almost five decades.

Under the new owner, the community will go through an extensive renovation and repositioning process.

Cisterra Sells Renovated Building, New Owner Will Renovate Some More

21 Aug 2015, 4:37 pm

By Alex Girda, Associate Editor

The Pack Loft Building is packing and moving to a new owner. JS Capital Enterprises Inc. recently purchased the property for $4.7 million from Bledsoe Warehouse LLC, an affiliate entity of Cisterra Development. The sale of the historic building was arranged by Bill Shrader, David Maxwell, and Joe Brady of Colliers International’s Urban Property Group.

Pack Loft Building

Pack Loft Building

Known as the Pack Loft/Bledsoe Company Furniture Warehouse, the 20,000-square-foot building is located at 701 Island Ave. in San Diego. Cisterra Development also sold the adjacent building, at 704 J St., to Paragon Real Estate Investments for $4.35 million. That transaction was also arranged by the Urban Property Group.

The creative Pack Loft office building was renovated by Cisterra at the time of the construction of the adjacent Sempra Energy headquarters building. According to a press statement announcing the transaction, the new owner will further improve the asset in order to raise the standard of the office space, as well as the ground floor retail component of the building. Completion of the renovation process is anticipated in February 2016.

San Diego Community Bought, Renamed and Improved

21 Aug 2015, 12:47 pm

By Alex Girda, Associate Editor

New Standard Equities is the new owner of a Spring Valley residential community. The L.A.-based real estate investment and management company purchased the asset from Fowler Property Acquisitions for a total of $14 million. NSE worked with Hanover Financial who provided equity for the transaction, while HFF arranged the financing from Freddie Mac. Both ends of the transaction were handled by Cushman & Wakefield representative Kyle Pinkalla.

Previously known as El Paseo, the Rancho Azul multifamily community is located at 10130 Austin Drive in the vicinity of Rancho San Diego. The 74-unit, two-story, garden-style property occupies a four-acre lot. The unit mix at the residential complex features 16 one-bedroom homes, 44 two-bedroom units, and 14 three-bedroom apartments. The acquisition is being treated as “a value-added asset in a market with a vacancy factor of less than three percent,” Edward Ring, NSE founder & CEO, noted in a press statement.

The 1976-built property will see around $1 million worth of improvements. Plans call for the addition of showers, installation of washers and dryers, upgrading kitchen appliances, countertops, cabinetry and flooring. 76 of the 117 parking spaces at the community are carports, which are set to be transformed into enclosed garages.

In 2014, the company acquired an asset in the North Park submarket. NSE paid $18.5 million for Asana at North Park, and is now investing $2.2 million into the property’s renovation.

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.

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