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Sempra’s HQ Scores $30M in Financing

26 Feb 2015, 3:54 pm

By Alex Girda, Associate Editor

Shapery Enterprises has secured $30 million in financing for Sempra Energy’s headquarters in downtown San Diego. Shapery’s affiliate, The Gas & Electric Headquarters Building–San Diego L.P., received the loan for 101 Ash St., a 347,087-square-foot office tower. A team from HFF arranged the financing, led by Tim Wright, a senior managing director, and Zack Holderman, a director at the firm.

Located in the Broadway Corridor, 101 Ash is near the Civic Center, Little Italy and the Gaslamp District. Interstate 5 is also close by, and the 21-story building offers views of the San Diego Bay, downtown, Coronado Island, Balboa Park and the Pacific Ocean.

The combination of a well-maintained property and a willing sponsorship team enabled HFF to “successfully structure a loan that both addressed the looming lease expiration and the long-term strategic repositioning plan for the asset,” Holderman said in a statement.

Sempra, the parent of San Diego Gas & Electric Co. and Southern California Gas Co., is 101 Ash’s sole tenant. Shapery plans to reposition the property after Sempra’s lease expires in mid-2015.

Image courtesy of Wikipedia via user Nehrams2020



Providence Capital Snaps Up Business Park

20 Feb 2015, 11:08 pm

By Alex Girda, Associate Editor

 

A San Diego industrial property recently changed hands in a transaction arranged by Colliers International. In a $6.7 million deal, Shekhter Living Trust sold Soledad Business Park at 8250-8260 Camino Santa Fe to Providence Capital Group.

Located on a 3.7-acre site, the two-building, 60,986-square-foot property is currently occupied by eleven tenants. Thirty-five percent of the space is available for lease.

Arnold Friedman and Evan McDonald of Colliers, who arranged the deal, will serve as leasing agents.

In light of the area’s improving fundamentals, Providence Capital intends to invest in improvements. “The new owner plans to modernize and upgrade the property to take advantage of these trends as well as its excellent location and visibility,” said McDonald, a Colliers vice president.

According to Marcus & Millichap, industrial absorption has been strengthening steadily in San Diego. Average vacancy stood at less than eight percent at the end of 2014, and the pace of absorption increased 10 percent year over year.



Deluxe M-F Complex Kicks Off Leasing in Mission Viejo

13 Feb 2015, 4:44 pm

By Alex Girda, Associate Editor

 

Wermers Properties and Watermarke Properties have announced that leasing is under way at the Adagio on the Green as construction of the upscale apartment complex heads for an August finish line.

Located on the Fairway at Mission Viejo Country Club at 26600 Oso Parkway, the 256-unit community will be easily accessible via Highway 5.

The developers are using eco-friendly materials and technologies that complement the setting near the golf course and club areas. The property will offer a high-end amenity package that includes concierge service, a game/media room, two resort-style pools, barbecue stations, two fitness clubs, Wi-Fi, lounge areas and a conference room.

Adagio on the Green community will also offer underground parking and electric car charging stations.



UCSD Picks Contractor for La Jolla Project

5 Feb 2015, 4:34 pm

By Alex Girda, Associate Editor

UC San Diego Health Services has awarded Rudolph and Sletten Inc. a key $78 million contract for construction of an outpatient pavilion at Jacobs Medical Center in La Jolla.

The facility will improve care delivery at UC San Diego by consolidating outpatient, ancillary, professional and support services that are dedicated to treating specific medical conditions. Investment in the project will total $120 million, according to The San Diego Business Journal,

Designed by Los Angeles-based CO Architects, the 150,000-square-foot project will feature two wings connected by a public space, and will offer natural lighting through a skylit atrium.

According to Patch.com, the project will be a candidate for LEED Silver certification.

 

Rendering courtesy of CO Architects



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.







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