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CB Richard Ellis brokers large transactions in 2004

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CB Richard Ellis is the top-ranking commercial real estate brokerage firm for gross sales in San Diego. The firm operates out of offices in North County, Golden Triangle and downtown.

Bressi Ranch lies at the southeast corner of Palomar Airport Road and El Camino Real. Sares-Regis Group purchased 132 acres at Bressi Ranch and will develop Class A office, flex, research and development and light industrial development.

K. Hovnanian bought Acqua Vista in Little Italy from Watt Commercial Properties. The purchase represented the largest multifamily deal CB Richard Ellis has executed in San Diego.

This has been another remarkable year for real estate in San Diego. CB Richard Ellis' San Diego offices brokered some very large transactions in 2004, including 19 sales over $10 million dollars in value and six leases valued at over $5 million.

Some of San Diego's largest commercial real estate transactions, brokered by CB Richard Ellis, include the following projects.

Escondido Valley Center -- $10.9 million. TSA Stores Inc. sold a 92,700-square-foot portion of the Escondido Valley Center, totaling 7.32 acres, to WGA TSA LLC. Eric Tompkins and Dave Hagglund represented the buyer in this transaction.

Olympic Plaza Office Campus -- $22.2 million. Janney Enterprises LP sold a 127,755-square-foot, three-building office campus in Kearny Mesa to Olympia Plaza LLC. Paul LaFrenz represented the buyer.

Acqua Vista -- $106 million. This 382-unit luxury high-rise condominium community, sold to K. Hovnanian, represented the largest multifamily transaction sale for CB Richard Ellis in San Diego history. Kevin Mulhern, Dick Schneider and Rachel Hemingway assisted the buyer, Watt Commercial Properties, and the seller.

North County Corporate Center -- $41 million. On behalf of JP Morgan Investment Management, Sares Regis Group sold the 493,898-square-foot, five-building industrial complex in Vista to I&G Direct Real Estate 8 LP, c/o Strook & Strook & Lavin. Nick Psyllos and David Onosko represented both parties in the transaction.

Bressi Ranch -- $28.8 million. As one of the last large contiguous parcels of developable land available in San Diego, Bressi Ranch was a notable transaction. Pico Rivera LLC, c/o JP Morgan Investment Management, purchased the industrial land. General American Insurance Co. sold the property. Bill Driscoll represented the buyer and Rick Sparks and Matt Strockis represented the seller.

The Campus at Scripps Ranch -- $12.8 million. Representing both sides of the transaction, Larry Jackel of CB Richard Ellis assisted this buy for Horizon Christian Fellowship. This two-building campus as Scripps Ranch was purchased from AGRRI Scripps LLC, a partnership of The Shidler Group and Angelo, Gordon & Co.

Manchester Plaza -- $32.75 million. Manchester Plaza, with 119,994 square feet of rentable Class A space, was sold 15 months after it was sold previously. Pacifica Real Estate Group purchased this property from Manchester Plaza LLC. Pacifica Real Estate Group was represented by Don Mitchell and Rob Merkin.

Meadowbrook Apartments -- $24.25 million. Pacifica Cos. bought this 176-unit rental community in Los Arbolitos in Oceanside from Aspen Properties. Kevin Mulhern, Dick Schneider and Rachel Hemingway represented both parties.

Bernardo Executive Center -- $33.81 million. TA Associates Realty purchased this three-building, 171,914 square foot complex from Bernardo/Three Flags LLC. Both parties were represented by Stan Tomer, Pat Kane, Jeb Bakke and Scott Kincaid.

Champions of the West -- $26.5 million. Morena Valley Investors I LLC, Morena Valley Investors II LLC and El Camino Towers II LLC jointly acquired this 75,883-square-foot, five-story building from Champions of the West Tower LLC, Mesa Green Apartments LLC and Wilson Avenue Investors LLC. The buyers were represented by Don Mitchell, Paul LaFrenz and Brian Klepacki.

Wells Fargo Plaza -- $148.3 million. Wells Fargo Plaza marks Irvine Co.'s second purchase of property in downtown San Diego. Nelson Ackerly, Frank Wright and Kraig Kristofferson represented the seller, California State Teachers' Retirement System. The 23-story office tower totals approximately 472,000 square feet.

Pacific Center Court -- $17.84 million. LBA Realty Fund-Holding Co. I LLC purchased this 134,000-square-foot property from Hughes Network Systems to serve as its corporate headquarters. Rick Sparks, Doug Lozier and Nick Psyllos represented both parties.

The Trails of Bonita -- $34.25 million. Hammer IRP Bonita LLC acquired this 176-unit condominium property from Trails of Bonita LLC, an affiliate of ConAm. Kevin Mulhern represented the buyers. Kevin Mulhern, Dixie Hall, Dick Schneider and Rachel Hemingway brokered the acquisition on behalf of both parties on this transaction.

REMEC Corporate Campus -- $26.5 million. The buyer, CBRE Operating Partnership LP, a subsidiary of CB Richard Ellis Realty Trust, acquired the 132,685-square-foot property for $26.5 million from WS Roscoe LLC.

101 Market -- $52 million. Hammer Development LLC acquired 101 Market in downtown San Diego for $52 million from Capri Capital Advisors of Chicago. The property consists of 149 condominium homes and 10,955 square feet of retail space. Kevin Mulhern, Dixie Hall, Dick Schneider and Rachel Hemingway brokered the acquisition on behalf of both parties.

Barnard Courts -- $17.5 million. Aspen Properties (San Diego) sold the 136-unit condominium community in Oceanside to Terra Nova Properties (Chicago). Kevin Mulhern, Dick Schneider and Rachel Hemingway represented the seller in the transaction.

Libby Lake -- $24.5 million. MG Properties (San Diego) sold the 150-unit condominium community in Oceanside to Pacifica Cos. (San Diego). Kevin Mulhern, Dixie Hall, Dick Schneider and Rachel Hemingway represented the seller in the transaction.

Palazzo -- $22.684 million. Dixie Hall, Kevin Mulhern, Dick Schneider and Rachel Hemingway represented the buyer, Carolyn Kutzke, in this Phoenix, Ariz., acquisition from Fairfield Residential.

Venetian -- $96 million. CRS Inc. purchased the 368-unit condominium community in the UTC area from Beneke-Krieg/Invesco. Kevin Mulhern, Dixie Hall, Dick Schneider and Sean Deasy represented both parties in the transaction.

Leases transacted by CB Richard Ellis in 2004 over $5 million in value included the following properties.

College Loan Corp. -- $5.47 million. College Loan Corp. signed a 45-month lease for 66,875 square feet of office space in the Bernardo Executive Center, owned by RREEF/B>. Jeb Bakke represented the lessee and the lessor and Scott Kincaid and Peter Hannan represented the lessor.

Legacy Sabre Springs -- $8.3 million. Chase Automotive Finance leased 61,106 square feet at Legacy Sabre Springs for five years. Jeb Bakke, Brent Wright and Bret Gossett represented the lessor.

San Diego Spectrum -- $37.66 million. Northrop Grumman executed a new lease for 183,744 rentable square feet at San Diego Spectrum. The property is owned by Lennar Partners. Tom Martinez, Chris Pascale, Doug Lozier of CB Richard Ellis San Diego represented the tenant, Northrop Grumman, while Brad Black, Rob Merkin and Bret Gossett represented the landlord, Lennar Partners, in this transaction.

Zimmer Dental -- $15 million. Zimmer Dental leased 95,732 square feet of industrial space in Carlsbad from REEFF for 138 months. Larry Jackel, Matt Strockis and John Barksdale represented the lessor.

Skye Pharma -- $8.47 million. Skye Pharma completed an 11-year lease. The 21,746-square-foot property, located at 11011 N. Torrey Pines Road, will be used for wet lab space. Steve Holland and Doug Lozier represented the lessee.

Linsco/Private Ledger Corp. -- $5 million plus. Irvine Co. leased 44,194 square feet of space to Linsco/Private Ledger in the office building located at 9560 Towne Centre Drive for a six-year term. Steve Holland represented the lessee and Steve Center represented the lessor.


Read is senior managing director of CB Richard Ellis.

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