Every week, Daily Transcript real estate editor Richard Spaulding selects a commercial real estate transaction that he feels has particular merit in its time and place. The following are Spaulding's top three land sales of 2013.
No. 1 -- David Santistevan, Ciara Layne-Trujillo and Gunder Creager, Colliers International
41 home sites on the east end of Via Rancho Cielo, Avenida Brilla, Avenida de Cielo and Avenida Mirador in the gated Rancho Santa Fe community of Cielo.
Total consideration: $10.25 million
Closing the deal: David Santistevan, Ciara Layne-Trujillo and Gunder Creager of the San Diego office of Colliers International represented the seller and the buyer in the deal.
The buyer was CWV Cielo 41 LLC, with California West Communities LLC as a managing member. The seller of the lots was Rancho Cielo Estates LLC.
Santistevan said the semifinished lots had sat dormant for more than a decade. Colliers International conducted a sealed bid and generated 10 qualified offers from major homebuilders, from which California West Communities was selected.
The builder had to complete its due diligence and meet close of escrow deadlines in a very short amount of time to win the bid, according to Santistevan. The deal was made more complex by land development issues, third-party agreements, local and state requirements, and stringent architectural design guidelines, he said.
The site’s orientation on one of San Diego’s largest ridgelines will no doubt make the project “a huge success,” Santistevan predicted. “The ocean views would blow you away,” he said.
32 residential lots on 7.76 acres in Carlsbad’s La Costa Town Square project
Total consideration: $5 million
Closing the deal: The buyer was Taylor Morrison of California LLC, of Irvine. The seller of the property was Property Development Centers LLC, a wholly owned subsidiary of Safeway Inc. (NYSE: SWY). The seller reportedly acquired the property in late 2011 for $38 million.
Representing the seller was David Santistevan, Gunder Creager and Ciara Layne-Trujillo, of the San Diego office of Colliers International.
The lots are 4,500 square feet each, and intended for single-family detached homes of between 1,800 and 2,400 square feet. They’re within the La Costa Town Square project, which is an 83-acre mixed-use development.
Santistevan said Property Development Centers LLC had originally purchased the property to ensure that its Vons store would get prime placement in La Costa Town Square. Santistevan and his colleagues had previously brokered a deal for the sale of 63 residential lots on more than 24 acres within La Costa Town Square to Development Solutions 2LAC LLC, a unit of Davidson Communities, on behalf of Property Development Centers. A deal for another component -- a 7-acre office site -- is being brokered, Santistevan said.
Seven parcels at 2736 Garnet Ave. in Pacific Beach
Total consideration: $4 million
Closing the deal: A1PB LP, a partnership between Caster Properties and The Focus Group, purchased the Pacific Beach parcels from the M.S. Browar Family Trust for $4 million, cash.
Tommy Gibbs and Steve Avoyer of Flocke & Avoyer Commercial Real Estate represented the buyer. The seller was represented by Mark Bitterlin of Bitterlin Cos. Inc.
Gibbs said about the transaction: “I would say overall it was a fairly straightforward deal. It is a well-located property that will lend itself to a variety of potential uses, and should continue some of the recent redevelopment of this stretch of Garnet Avenue.”
Gibbs called it a “value add” location because it is on prime infill parcels on a main arterial into Pacific Beach, near the corner of Garnet Avenue and Mission Bay Drive. Caster Properties has planned a new A-1 Self Storage location for the site.