Real Estate Briefs


May 19, 2011


Kilroy Realty adds 166,000 square feet to local portfolio

Los Angeles-based Kilroy Realty Corp. (NYSE: KRC) continues to add to its San Diego real estate portfolio with the $32.94 million acquisition of the 166,403-square-foot former Titan Corp. building on 7.99 acres at 10770 Wateridge Circle in the Sorrento Mesa area.

The property (assessor's parcels 341-351-21-24) was sold by Metropolitan Life Insurance Co., a New York corporation.

The tenants in what CoStar listed as a fully leased building included Optical Micro Machines, Pacific Capital Bank, the San Diego Supplier Development Council and the Wateridge Café.

Kilroy now owns more than 5.5 million square feet in 64 office complexes in San Diego County -- far surpassing the total the real estate investment trust has in any other market.

The REIT also is masterplanning a 1.7-million-square-foot development known both as "Main Street" and "Paseo" that would be built on a 23-acre site at the corner of Del Mar Heights Road and El Camino Real in the Carmel Valley.

It calls for 500,000 square feet of office, 270,000 square feet of retail, a 130- to 150-room hotel, 608 multifamily units and enough parking for 4,000 vehicles.

Residents protest cutting down centuries-old oak

SAN FRANCISCO (AP) -- Residents have so far managed to save a centuries-old California valley oak tree in the path of a San Francisco water pipeline.

North Fair Oaks residents gathered around the 65-foot-tall tree nicknamed “Granny” on Monday after learning days earlier that utility crews were planning to cut it down.

San Francisco Public Utilities Commission general manager Ed Harrington tells the Palo Alto Daily News they would like to save the oak, but it's unclear if the tree can be saved. Officials told residents they would meet with them soon to explain why the oak has to go.

Producer to sit on California Coastal Commission

LOS ANGELES (AP) -- A well-known Los Angeles television producer and environmental activist has been appointed to the California Coastal Commission, the agency that regulates development along the state's 1,100 miles of coastline.

Dayna Bochco and her husband, Steven Bochco, run a production company, which has produced such famed shows such as “LA Law” and “Hill Street Blues.” She has also been involved with the Heal the Bay organization and the Natural Resources Defense Council.

Dayna Bochco will replace Sara Wan, who has served on the commission for 15 years.

The 12-member panel is selected by the governor, the state Senate Rules Committee and the speaker of the Assembly and is made up of six elected officials and six members of the public.

Encinitas says 'surfing Madonna' must go

ENCINITAS (AP) -- The “surfing Madonna” of San Diego County may have made her last ride on public property.

The Encinitas City Council on Wednesday voted to remove the stained-glass mosaic that guerrilla artists installed under a train bridge before Easter. However, the council also approved a $2,000 study to determine how the piece can be removed without damage.

Encinitas is a well-known surfing spot. The 10-by-10-foot mosaic portrays Our Lady of Guadalupe surfing a wave next to the slogan, “Save the Ocean.”

Because it didn't have a public review process, the mosaic is legally considered graffiti. Council members say they personally like the piece but allowing it to remain on public property sets a bad precedent.

Some local businesses have offered to give the Madonna a home.

Dysktra home facing foreclosure sale

VENTURA, Calif. (AP) -- A Ventura County home owned by former New York Mets and Philadelphia Phillies outfielder Lenny Dykstra is facing foreclosure and could be sold next month.

The Ventura County Star says a judge has blocked the sale of the Lake Sherwood home until June 26. In court papers, Dykstra says his estranged wife, Terri, and 15-year-old son live there and have no place to go if it's sold.

Another Lake Sherwood home that Dykstra bought in 2007 for $17.5 million was auctioned last fall for about $760,000.

Dykstra's living in Los Angeles while he fights federal bankruptcy fraud charges. An indictment contends that after filing in 2009, Dykstra sold more than $400,000 worth of property without permission from a trustee.

He faces up to five years in prison if convicted.

El Cajon storage facility sold

The 363-unit "VIP Self Storage" facility located at 1636 N. Magnolia Ave., in El Cajon has been sold for $1.77 million, which represents an 8.03 cap rate. The two-story property was built in the mid 1970's and offers seven different storage sizes.

The buyer of the property was Catherine Burdick. Escrow services were provided by Kathy Robinson and Annemarie Lo Coco, of Chicago Title's Park Camino branch. Cameron Aldrich, also of Chicago Title, acted as the title agent.

The property's seller (assessor's parcel 387-160-04-00) was Bernard J Martin, trustee of the Bernard J. Martin Trust.

Both buyer and seller were represented by Bill Anderson, senior vice president and principal at ACRE Investment Real Estate Services.


May 19, 2011