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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.

Balfour Beatty Wraps Phase One of Detention Center in Santee

3 Sep 2014, 10:03 pm

By Alex Girda, Associate Editor

Balfour Beatty Construction has completed phase one of the $221.5 million Las Colinas Detention and Re-entry Facility in Santee. The 1,216-bed facility, which will replace one dating from the 1960s, will serve as the intake point for female inmates in San Diego County.

Located on a 45-acre site adjacent to the present detention center, the new facility will comprise 25 buildings. Functions include new housing, inmate receiving and transfer, visitation, laundry, recreation, religious, dining, medical, administrative, warehouse, buildings for inmate industries, rehabilitation, a learning and resource center, a new entrance and expanded parking.

Designed by San Francisco-based Kaplan McLaughlin Diaz, the project’s executive architect, and HMC, the San Diego-based associate architect, the facility will be a candidate for LEED Gold certification. Sustainable features will include roof-mounted solar panels, acoustical features and water recycling.

Lighting and mechanical designs will reduce energy consumption by at least 20 percent and as much as 35 percent compared to similar buildings, saving up to $365,000 per year. The facility has received honors from the American Institute of Architects and the Design-Build Institute of America.

Image courtesy of 3blmedia.com 

Small San Diego Apartment Communities Trade Hands in Deals Totaling $10M

21 Aug 2014, 8:06 pm

By Alex Girda, Associate Editor

Two small deals for San Diego-area multifamily properties recently closed, netting a combined transaction value of just under $10 million. The Coronado Villa Apartments in San Diego and a Pacific Beach multifamily property both have new owners after trading hands for fees of $5.7 million and $4 million, respectively.

In Pacific Beach, the San Diego office of Colliers International handled the sale of a 16-unit multifamily property at 1827 Reed Ave. Colliers representatives Daniel Foley and Savvas Marinos worked with buyer Toremi 1994 Revocable Trust, while seller Machado Family Trust employed Mark Friedman of Realty World to handle its end. The two-story property offers six two-bed, one-bath units; six one-bed, one-bath units; and four two-bed, two-bath units, as well as two carports and 11 off-street parking garages. According to Colliers, the transaction indicates the appeal of coastal properties in the current local multifamily market.

The Coronado Villa Apartments in San Diego were acquired by Del Coronado Villas LLC, an entity based in Del Mar. The 1966-constructed rental property is located on a 2.3-acre site and is currently 96 percent under contract. The 24-unit residential complex, located at 1596 Coronado Ave., was sold to Del Coronado Villas by Kreutzcamp 2000 Trust of Chula Vista. The transaction was arranged by Berkadia representative Steve Huffman on behalf of both sides, The San Diego Business Journal writes.

San Diego State Starts $53M Makeover of Residence Hall

14 Aug 2014, 4:15 am

By Alex Girda, Associate Editor

San Diego State University’s has kicked off a $53 million renovation of Zura residence hall. The facility offers three housing towers of five, seven and eight stories connected by a common first floor. Totaling 141,000 square feet and 585 beds, the capacity will be expanded to 606 beds.

Upgrades and improvements will include an enhanced main entrance, new restroom cores, upgraded finishes, added seismic safety features, new windows, and new mechanical, electrical and plumbing systems.

Also planned are new study and social space, enclosure of some balconies to increase room sizes, and an overhaul of the elevator tower.

 Balfour Beatty Construction is serving as the design-build contractor. Financing is being provided by the state university system’s revenue bond program and housing reserves. Completion of the project is scheduled for next summer. Balfour’s design-build partners in the project are HMC Architects and Mahlum Architects.   

Image courtesy of balfourbeattyus.com

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