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New Retailers Bring Balboa Mesa to 100% Occupancy

15 Oct 2014, 10:35 pm

By Alex Girda, Associate Editor

Regency Centers has recruited 13 new retailers at Balboa Mesa Shopping Center, bringing the 210,000-square-foot property to full occupancy. The company’s local leasing agent, Eric Li, completed the leases while the grocery-anchored center was undergoing redevelopment.

New additions include Doctors Express Urgent Care, 85°C Bakery Café, Ototo Sushi Co, Glamour Nails, The Vitamin Shoppe, Chicken Charlie’s FryBQ, The Habit Burger Grill, Pieology, Jersey Mike’s Subs, Boudin SF, Great Clips, Clairemont Smiles, San Diego County Credit Union and Luna Grill.

The retailers complete the tenant roster at a center that serves about 130,000 residents within a three-mile radius, Regency said in a statement.

“This is a well-established community with a huge population. We really took a lot of time and effort early on to craft a project and merchandising plan that met the needs of the community,” Li said. A grand re-opening showcasing the new tenants is scheduled for November.



R&V Management Acquires M-F Asset in Otay Mesa for $150M

2 Oct 2014, 3:13 pm

By Alex Girda, Associate Editor

In the San Diego area’s largest multi-family deal so far in 2014, R&V Management Corp. of San Diego paid $150 million for a 644-unit community in Otay Mesa, according to The San Diego Business Journal. An affiliate of Garden Communities Inc., also of San Diego, was the seller. The deal was arranged on behalf of both parties by a team from Cushman & Wakefield Inc.

Greenfield Village comprises fifteen buildings, two clubhouses, an indoor movie theater, fitness facilities and a business center. The acquisition expands R&V Management’s portfolio in San Diego County to more than 7,000 units.

In other San Diego County multi-family news, Wermers Properties and R&V Management have acquired a development site from Pacific Highlands Ranch Village L.L.C. near the master-planned community of Carmel Valley. The two parties paid $17.5 million. The buyers plan to develop about 331 units on the site.  Construction is scheduled to begin early next year and be completed in 2017, SDBJ reports.

Image courtesy of gardencommunitiesca.com



Murphy Development Plans Technology Park; Recho Holdings Buys Scripps Ranch Flex Building

25 Sep 2014, 5:17 pm

By Alex Girda, Associate Editor

Murphy Development has acquired a 31-acre parcel in Scripps Ranch Business Park from Intel Corp. The company will rebrand the property Scripps Ranch Technology Park and plans to develop one- to three-story corporate headquarters buildings and R&D facilities on five lots ranging in size between 4.6 and 8.2 acres.

The lots are located on Scripps Ranch Boulevard, Meanley Drive and Hoyt Park Drive, and offer easy access to I-15 via three access points: Mira Mesa Boulevard, Pomerado Road and Carroll Canyon Road. The projects would conform to the zoning and entitlements in place for Scripps Ranch Business Park Phase III, which is the home of tenants such as Lockheed Martin, Paychex and CoreLogic.
Scripps Ranch Technology Park is also near walking trails, retail centers, Lake Miramar, Scripps Ranch Library and Scripps Ranch High School.

In another recent industrial transaction, Recho Holdings L.L.C. paid close to $3.5 million for 9745-9747 Businesspark Ave. (pictured), an industrial/R&D building in Scripps Ranch. Recho will occupy the first floor, and the second floor will be operated as executive suites.

The seller, Dealy Family Trust, was represented by Colliers International’s Ty Moffatt, David Harper and Kyle Moffatt, while Recho was represented by Evan McDonald, also of Colliers.

 



SARES REGIS Acquires M-F Property in Escondido, Plans Makeover

18 Sep 2014, 2:38 pm

By Alex Girda, Associate Editor

An Escondido apartment property has come under the ownership of SARES REGIS Multifamily Fund. The buyer acquired the 102-unit Alta Vista residential community in a deal that also included a property in Portland, Ore.

SARES REGIS now owns eight multi-family properties and 1,220 units in California, Oregon, Colorado and Washington. The fund was capitalized last year at $114 million.

Completed in 2000, Alta Vista offers one-, two- and three-bedroom units. Residences average 958 square feet in size, while the community offers amenities such as in-unit washers and dryers and panoramic views of the valley.

SARES REGIS plans a major upgrade for the B-plus property that will add two-tone designer paint, stainless steel kitchen appliances, sinks and granite countertops, upgraded lighting, extended plank vinyl flooring and upgraded horizontal blinds. Common areas will get a makeover, including fitness center equipment, pool, sun deck and landscaping, as well as the leasing center.  

Image courtesy of srgliving.com



Investment Roundup: Retail, Industrial, Office Properties Command $32M

12 Sep 2014, 4:23 am

By Alex Girda, Associate Editor

San Diego’s commercial real estate market recorded a solid week of deals totaling around $32 million. Two Carlsbad office properties, a number of retail buildings in La Jolla, as well as a retail center in Black Mountain Ranch all changed hands.

RREF II-CP Crossings JV L.L.C. purchased Crossings Corporate Center in Carlsbad for $15.25 million from Greenlaw Partners of Newport Beach, Calif. Located on a 6-acre site at 6005 Hidden Valley Road, the 71,653-square foot asset was completed in 2001 and had a 36 percent vacancy rate at clksing. Cassidy Turley represented Greenlaw Partners.

In a $6.4 million deal, Pacifica Real Estate Services Inc. sold Piazza Santaluzi, a 16,145-square-foot retail center in Black Mountain Ranch, to Piazza Santaluz L.L.C. Located at 14677-14701 Via Bettona, Piazza Santaluz consists of two buildings that are currently 100 percent leased. According to The San Diego Business Journal, Cushman & Wakefield represented the seller, while Piazza Santaluz L.L.C.,worked with Cassidy Turley on its end of the transaction.

In the second Carlsbad office deal of the week, Sunwood Pacific Ridge L.L.C. acquired  Pacific Ridge Commerce Center from the Betty Ann Robinson Trust for $5.8 million . The new owner is planning a renovation and is rebranding the property Sunwood Pacific Ridge.  Located at 1945 and 1947 Camino Vida, the asset includes a two-story office building and a multi-tenant industrial building and offers 52,416 square feet of space.

Lastly, USA Properties Inc. recently acquired three retail properties in La Jolla from Dewhurst Family Partnership and Dewhurst Family Trust for about $6.2 millon. Totaling 14,259 square feet, the portfolio includes a pair of commercial assets located at 7545-7549 and 7527-7535 Girard Avenue plus a parking lot on Herschel Avenue.







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