Join The Daily Transcript in recognizing the 2014 commercial real estate deals of the year. We’ll look at top commercial leases and sales over the past year and see what’s in store for 2015.
Employment growth and a steady flow of people moving to San Diego continues into 2015 as leading industries add more jobs. This year, 37,000 new jobs are expected in the metro, and for the sixth year in a row, tourism will rise. Biotech firms and the military will also contribute to the area’s job growth. In South San Diego, the ongoing expansion of the San Ysidro border crossing is expected to support day trips from Mexico, creating a number of new positions near the border.
The $256.5 million sale of the massive San Diego Tech Center in Sorrento Mesa was by far the largest transaction of 2014.
Starwood Capital Group entity paid $294.5 million for about 1 million square feet in a dozen office and industrial buildings in Sorrento Mesa and Carmel Mountain Ranch. The assets were sold by a Los Angeles-based Kilroy Realty Corp. partnership (Kilroy Realty L.P) to a Starwood partnership known as SOF-IX KR Holdings L.P. in a two-phase deal that substantially reduces Kilroy's presence in San Diego.
Involved in the transaction was the 9-building, 655,643-square-foot San Diego Tech Center on a total of 38 acres in Sorrento Mesa for $256.5 million. The land is entitled to an additional 1.2 million square feet of office/industrial development, 350,000 square feet of which is fully entitled and ready to build. According to Lynn LaChapelle, managing director and capital markets specialist with JLL, the property was originally acquired by the seller, Beacon Capital Partners, as part of an overall portfolio.
The five-story AT&T Data Center, a 499,402-square-foot facility at 7337 Trade St. in the Miramar submarket of San Diego, was constructed in 1983 on a 16.86-acre lot.
The buyer was GDCI Proctor Valley LP, a unit of Carmel Valley-based GDC Communities, which is an affiliate of Genstar Development Co. The seller was a series of partnerships controlled by RMJB Inc., headed by Ronald Therrien, of Tustin. GDC is teamed with Bonita-based Jackson Pendo Partners, which will actually develop the homes.
The land will accommodate 1,007 single-family lots, and construction on the homes is expected to start within the next two years.
The property consists of five vacant finished lots ranging from 4.62 to 8.18 acres on Scripps Ranch Boulevard, Meanley Drive and Hoyt Park Drive. The lots are situated just blocks from Interstate 15 and offer views ranging from the coastline to the backcountry. Walking trails surround the property and shopping and entertainment venues are close by.
The Sunterra Apartment Homes is a 240-unit garden-style apartment complex in the Tri-City area at Oceanside. Built in 1974 on 14.2 acres, the complex includes 13 residential buildings totaling 218,944 square feet of net rentable area. The apartments feature private patios or balconies. Every unit includes a garage, which was an attractive amenity to bidders on the property because of the potential for higher rental rates, according to Marcus & Millichap’s Christopher Zorbas.
For sale were 124 rental homes in the 216-unit Central Park La Mesa condominium community. It was built in 1989 and partially renovated in 2006. The seller had purchased the property in 2010.
The 102-unit Alta Vista apartment complex consists of 76 two-bedroom/two-bath units, 24 one-bedroom units and two three-bedroom/three bath units, with a total square footage of 97,728. Unit features include terraces and balconies. The property also has a pool, business center and fitness club.
Two downtown San Diego office towers, the 560,329-square-foot building at 701 B Street and the 187,304-square-foot building at 707 Broadway were involved in the transaction.
The property consists of three buildings of five and six stories totaling 278,787 square feet, plus a parking structure. The eight-acre property can also accommodate approximately 168,000 additional square feet of office space.
The approximately 233,000-square-foot Torbati Building, at 625 Broadway in downtown San Diego, sold for $52.5 million. The building is to be converted into an upscale residential project with more than 220 residential units.
The 128,852-square-foot Creekside Plaza community shopping center is anchored by a Stater Bros. market and a 10-screen Digiplex theater. The center is 99 percent occupied, with tenants including Subway, Starbucks, Gamestop, Chipotle and FedEx.
The 51,637-square-foot Bed Bath & Beyond and the 44,477-square-foot Sports Authority stores at 390 and 394 East H Street in Terra Nova Plaza occupy two buildings that were once occupied by Home Depot.
The new 15,317-square-foot Palomar Place shopping center at 961 and 965 Palomar Airport Road in Carlsbad has a prime coastal location near Legoland, the Carlsbad Flower Fields, Carlsbad Premium Outlets and Costco.
Sperry Van Ness International is a national commercial real estate management group with more than 45 million square feet of real estate under management. Sperry Van Ness | Finest City Commercial (SVN|FCC) is the local franchise servicing the management of apartments, retail centers, industrial, office, receiverships and oversight asset management, as well as commercial sales and leasing of all product types.
Douglas Wilson Companies has recently closed on a major urban site in Tempe, Ariz., that will be home to a $200 million cutting-edge mixed-use development.
Office leasing overall in San Diego County continued to improve last year, although there are soft spots, according to reports by JLL, Newmark Grubb Knight Frank, Colliers International and CoStar Group Inc.
Los Angeles-based Rexford Industrial Realty Inc. added to the more than 800,000 square feet of industrial properties it owns in San Diego County, according to the firm's website.
Haggen Inc., a Bellingham, Wash.-based grocery store chain, announced late Friday that it has agreed to acquire 146 stores, including 25 in San Diego County, as a result of the merger of the Albertsons and Safeway Inc. (NYSE: SWY) chains.
The Douglas Wilson Cos. has sold its 80,651-square-foot office building at 1620 Fifth Ave. -- formerly the Robert F. Driver building -- to Bosa Development for $18.5 million.
A unit of The Corky McMillin Cos. has paid $7.25 million to acquire 156 acres for a planned 636-unit residential development known as Quarry Creek in Carlsbad.
The commercial real estate industry has sounded the alarm with a simple message to Congress: Hands off the 1031 exchange.
San Diego has one of the strongest apartment markets nationally in terms of investments, along with still-high rents and declining vacancies, according to The CoStar Group.
San Diego commercial brokers provided some insight on how difficult or easy it was to close the deal Wednesday, during an NAIOP San Diego meeting titled "The Battle of the Brokers" at the Marriott Del Mar.
While owner/user office property sales activity in San Diego County has picked up this year, the number of transactions is still running 35 percent below the mid-2000s, according to Colliers International's Private Client Investment Report.
San Diego County's apartment market is the strongest in at least 5 1/2 years, largely because of the high cost of single-family homes, according to an Axiometrics monthly report.
Three partnerships from the Los Angeles area and Baltimore have combined to acquire the 132-unit Solana Vista Apartments at 3710-3810 Wabash Ave. in North Park for $18.47 million.
While surveys by Colliers International and The CoStar Group may differ, it appears that the county's industrial vacancy is continuing to decline.
A company owned by Microsoft (Nasdaq: MSFT) founder Bill Gates has paid $18 million for a Rancho Santa Fe equestrian facility that diet and fitness maven Jenny Craig owned for about two decades.
Office property sales volumes declined in San Diego County the second and third quarters of 2014, following a first quarter that was the strongest in two years.
RREEF Property Trust has bought the Bed Bath & Beyond and Sports Authority within the shops portion of Terra Nova Plaza in Chula Vista for a reported $21.9 million.
Cleveland-based DDR Corp. reported acquiring the remaining 95 percent interest in a 232,522-square-foot portion of the Vista Village Shopping Center in Vista from an entity of The Blackstone Group.
San Diego-based R&V Management Corp. owns and manages more than 7,000 apartments in San Diego County and recently picked up 644 more.
A unit of Los Angeles-based Regents Properties has paid $23.55 million for the 115,414-square-foot Fairway Corporate Center in Carlsbad.
Even with increasing rents and new construction, San Diego County apartment vacancies will remain tight, according to reports by commercial real estate brokers Cassidy Turley and Marcus & Millichap.
Houston-based Lionstone Investments, on behalf of a group of institutional investors, has acquired the San Diego Tech Center office campus in Sorrento Mesa.
In an expected pre-requisite of more leased commercial space, JLL (NYSE: JLL) reported that San Diego County' high technology cycle is in the early stages of growth.
A trio of 1970's-era office buildings in Mission Valley, on Friars Road across from Fashion Valley mall, have been sold to a developer who plans to replace them with multifamily housing.
The average apartment rental rates in San Diego County have continued to increase, as vacancies decline.
The most expensive hotel transaction in California, during the year's first half, was Strategic Hotels & Resorts' May acquisition of the 63.6 percent interest in the 757-room Hotel del Coronado it did not already own, Atlas Hospitality Group reported.
After sitting vacant for more than 30 years, the derelict Pernicano's and Casa di Baffi restaurant spaces at Sixth Avenue between University and Robinson avenues and an adjacent parking lot are being put on the market by the Pernicano family for a reported $12 million.
A new CBRE report places San Diego as a top market for high-technology growth — a ranking that bodes well for the leasing of office space.
The Oceanside Economic Development Commission this month approved a $1.5 million land sale to SD Malkin Properties for a two-hotel resort. This and an expected $13.5 million city subsidy will take the project closer to fruition — although financing is still being worked out.
Gov. Jerry Brown signed into law Friday legislation that makes it much more difficult for commercial real estate brokers to represent both sides of a sales or a leasing transaction.
The amount of quality lab space remains limited, as the average countywide vacancy for life science buildings stood at 10.1 percent countywide at the second quarter's end.
The lessee in the Deal of the Week was represented by Don Zech and Nick Zech, of CDC Commercial Inc. The lessor was represented by Kirk Allison and Vic Gausepohl, of Colliers International.
The Cassidy Turley Capital Markets team of Rick Reeder and Brad Tecca, along with the leasing team of Bryce Aberg and Brant Aberg, represented both parties in the Deal of the Week.
Todd Murphy, of Cassidy Turley's San Diego office, represented the lessors in the Deal of the Week.
The Deal of the Week was the sale of Torrey Reserve West, the three-building, 118,000-square-foot campus at 3390, 3394 (photo) and 3398 Carmel Mountain Road, San Diego, for $39.15 million.
The lessee in the Deal of the Week was represented by Shirley Kanamu and Vince Provenzano, of Pacific Coast Commercial.
Gary B. Urtiaga, senior vice president/director of Apartment Realty Group (ARG), represented both parties in the Deal of the Week.
Ryan Egli and Hunter Rowe, of CBRE (NYSE: CBG), represented the seller of the Deal of the Week.
The lessor in the Deal of the Week was represented by Stewart Keith, Tommy Gibbs and Brad Williams, of Flocke & Avoyer Commercial Real Estate. The lessees represented themselves.
Sales of commercial properties valued at $5 million or more totaled more than $2 billion in San Diego County through May — the first time that has happened since 2007.
Three San Diego-area hotels are being sold as part of a $1.93 billion transaction involving 126 properties totaling 14,934 rooms in 35 states.
Rick Reeder and Brad Tecca, of Cassidy Turley's San Diego office, represented the sellers and buyer in the Deal of the Week.
The lessee in the Deal of the Week was represented by Jeff Saywitz, of The Saywitz Company. The lessor was represented by Darren Mullins, of Cassidy Turley.
Cody Evans, of South Coast Commercial Inc., represented the seller in the Deal of the Week. Josh Browar, also of South Coast, represented the buyer.
The lessee in the Deal of the Week was represented by Jeff Saywitz, of the Saywitz Company. The lessor was represented by Dean Acosta, of Transwestern.
The Deal of the Week is the sale of the 20,540-square-foot, mixed-use Chula Vista Bay Center at 627-645 H St., Chula Vista, for $5.35 million.
The lessee in the Deal of the Week was represented by Nancy Johnston, of Epsteen & Associates. The lessor was represented by Andrew Peterson, Phil Lyons and Bruce Schiff, of Cassidy Turley.
The Deal of the Week was the sale of the 62,814-square-foot Morena Business Park, a three-building flex industrial park on 6.26 acres at 2620, 2640 and 2645 Financial Court, San Diego, for $9.25 million.
The CBRE (NYSE: CBG) Multi-Housing team of Dixie Hall, Rachel Parsons and Kevin Mulhern represented the buyer in the Deal of the Week.
The 223,000-square-foot Torbati Building at 625 Broadway has been sold for an undisclosed sum that is reportedly in excess of $200-per-square-foot.
More than 500,000 square feet in parts of nine San Diego-area shopping centers, all or majority-owned by Florida-based Gatlin Development, are being marketed for a quick sale by San Diego-based Flocke & Avoyer Commercial Real Estate.
A $3 million transformation of the 148,638-square-foot Uptown District Shopping Center into The HUB (Hillcrest Urban Block) Hillcrest Market is just part of what owner Regency Centers has planned in San Diego.
The five-building, 493,898-square-foot North County Corporate Center in Vista has been sold for $57.65 million.
A partnership of Del Mar-based Davidson Communities has paid a reported $6.27 million for eight acres for a 13-home residential development called Crosby Enclave at Del Dios Highway and Bing Crosby Boulevard just outside the Rancho Santa Fe covenant.
The 246,668-square-foot former Upper Deck headquarters building, at 5909 Sea Otter Place in Carlsbad, has been sold for $16 million.
Two office/R&D buildings totaling 168,072 square feet on 11.2 acres at 16710 and 16750 Via del Campo Court in Rancho Bernardo have been sold for $26.05 million.
While Otay Mesa still has about 2 million square feet of industrial vacancy, the market looks healthier now than during the recession's peak, when there were 3 million empty square feet .
The Donohue Schriber private real estate investment trust is planning an 80,000-square-foot expansion and upgrade of its current 283,000-square-foot Del Mar Highlands Town Center.
Another large parcel within the Otay Ranch masterplan has sold, this time to a Moorpark, Calif.-based firm that owns a number of office and flex buildings here.
Approximately 1,100 acres in east San Diego County near the community of Jamul have been sold for $37.12 million, and will be developed into a master-planned community of up to 1,200 homes.
The 444-unit Mirada at La Jolla Colony and the 320-unit Santa Fe Ranch in Carlsbad has been sold as part of a 51-property, $2.6 billion institutional portfolio sale. The individual sales prices of of the complexes were as yet unavailable.
A unit of New York City-based Emmes Group of Cos. -- which already owns two office towers here -- has paid a total of $155 million to acquire the downtown San Diego buildings at 701 B Street and 707 Broadway.
The retail market in downtown San Diego -- which took a hit on ground floor spaces during the recession -- has rebounded well, according to a Cushman & Wakefield report.
San Diego apartment rents have moderated from their peaks, as increased construction pushed vacancies back up near 5 percent.
A partnership of Equity Group Investments and San Diego-based Parallel Capital Partners has paid a total of $72.5 million for the three-building Wateridge Plaza office complex in Sorrento Mesa.
San Diego-based AleSmith Brewing Co. is quintupling its San Diego brewing operations with an 11-year, $9.7 million lease for a 105,600-square-foot Westcore Properties-owned building at 9990 Empire St. in Miramar.
While San Diego County's retail market continues to improve, mixed-use development may be the key to its future.
San Francisco-based BRE Properties has continued to divest itself of apartments in San Diego and around the country, as it prepares to become part of Palo Alto-based Essex Property Trust in a $5 billion transaction expected to close by the end of March.
The San Diego offices of HFF Inc. have secured $23.5 million in financing for two multihousing developments totaling 141 units in National City.
San Diego County's commercial real estate markets continue to improve -- but it is a mixed picture for the mortgage/finance community.
SL Green Realty Corp. has agreed to sell its remaining interest in a Southern California office portfolio -- including eight properties in San Diego -- to a Blackstone Group entity for $100 million.
The face of regional automotive dealership industry is changing: Heller and McCune have sold their operations, and Sunroad Enterprises and Perry are augmenting their holdings.
The 131,218-square-foot office building known as The Pyramid for the white lattice structure that is attached to its front at 7310 Miramar Road, has been sold for $13.6 million.
While speculative office building construction appears destined to return to San Diego County, the question is when, where and who will take the first step.
Whether they are San Diego County-based buying elsewhere, or outside firms buying local properties, real estate investment trusts did huge business in 2013 and into 2014.
San Diego-based Presidio Residential Capital handled 53 transactions totaling $331.4 million in loans, land purchases and joint ventures in 2013 and has even hit the ground running with its own homebuilding firm.
While the Rams Hill Country Club needs water to bring its 18-hole golf course back from the desert, where that water will come from is under negotiations.
Rob Ippolito and John Jennings, of Cushman & Wakefield represented the buyer in the Deal of the Week.
About to unveil its second office tower at its La Jolla Commons campus on Executive Drive in University Towne Centre, Hines has moved on from years of research to execution in creating the largest commercial net-zero energy office building in the country. The future tenant of that tower, LPL Financial, has placed its chips on the vision of Hines and the campus co-owner, J.P. Morgan Asset Management. The vision, Twardowski said, is to create an offering to tenants unlike any other in the market.
The main constant through the recently ended Great Recession was the performance of the residential rental market in San Diego. It was often in the top 10 percent nationally. Rental rates remained fairly constant and vacancies were mostly below five percent, the industry standard for optimal occupancy.
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 his top three multifamily sales of 2013.
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 office sales of 2013.
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 industrial sales of 2013.
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 retail sales of 2013.
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.
Sempra Energy has made it official: It is moving out of about 300,000 square feet at 101 Ash Street in downtown San Diego into a new, similarly sized, 16-story building to be built by Cisterra Partners in the East Village.
The Daily Transcript received many nominations for its commercial real estate awards from various brokers throughout San Diego. Some of these didn’t quite fit within our set categories, but were interesting and impressive deals nonetheless.
This list was compiled from properties featured in “Deal of the Week,” a weekly column by Daily Transcript Real Estate Editor Richard Spaulding. Transactions are listed by dollar amount.
This list was compiled from properties featured in “Deal of the Week,” a weekly column by Daily Transcript Real Estate Editor Richard Spaulding. Properties are listed by lease price.
The San Diego County office market showed continued signs of recovery in 2013, posting more than 1.175 million square feet of positive net absorption.
Kilroy Realty Corporation has successfully operated in the vibrant West Coast commercial real estate markets for more than 65 years. Today, it operates a portfolio totaling more than 13 million square feet of high-quality commercial properties from Seattle to San Diego. KRC aims to provide innovative, highly amenitized work spaces that take real estate beyond a place to work into an environment that advances creativity and productivity, while providing a strategic, sustainable, competitive advantage to meet the changing needs of the most dynamic companies in the world.
The retail real estate market seems to be improving, but e-commerce remains the pachyderm in the plaza.
Gov. Jerry Brown recently declared a state of emergency regarding the state’s current drought conditions. The release from the office of Gov. Jerry Brown announced thatCalifornia’s water shortfalls have landed it in the driest year in recorded state history.
When it comes to commercial real estate, Flocke & Avoyer knows retail. Since its founding in 1985, Flocke & Avoyer has completed more than $4 billion in total lease and sales consideration (4,000 transactions), effectively making it one of the most reputable retail brokerage firms in Southern California. Our clients have entrusted us for 28 years with their most valuable assets, holdings and portfolios, all the while navigating the ever-changing waters in the retail marketplace.
Who will be downtown San Diego’s next top company? Top of a building, that is.
Founded in 1971, Marcus & Millichap Real Estate Investment Services has established itself as the premier provider of investment real estate services in the nation. With more than 1,100 agents in offices nationwide, the firm’s foundation is deeply rooted in local market expertise, enhanced by comprehensive research, financing capabilities and state-of-the-art technology which has revolutionized the investment sales industry to achieve results for its clients. Based on long-term relationships and a focus on value-added advisory services, the firm has perfected a powerful system for marketing properties to the largest pool of qualified investors in the nation.
John Smelter, a senior director of Marcus & Millichap's Healthcare Real Estate Group in San Diego, and Ben Tashakorian -- a vice president of investments, who is also in San Diego -- represented the seller of the Deal of the Week.
The approximately 13,179-square-foot medical office building at 9745 Prospect Ave., Santee 92071, has been sold for $2.35 million.
The San Diego retail market did not experience much change in vacancy in the fourth quarter of 2013, according to a CoStar Group report.
At less than 10 inches tall and only six ounces in weight, the small burrowing owl is raising some big land-use questions in southeastern San Diego.
The free-standing, approximately 3,976-square-foot restaurant building in Scripps Ranch at 12015 Scripps Highland Drive, San Diego 92131, has been sold for $2.2 million.
While the commercial real estate markets appear to be improving, there is no shortage of distressed properties.
One of 2013's major deals was the offer and eventual city acceptance of Hughes Marino to represent the city of San Diego for free in its downtown lease and sales transactions last spring.
The city of Vista has contracted with the North County office of Lee & Associates to sell 20 municipally owned properties, and lease 14,500 square feet in the Vista Civic Center complex.
San Diego County's office market improved in 2013, depending which brokerage firm is doing the assessing, though most are predicting a better 2014.
Merging with another company is as much about the individuals as it is about the assets, said BioMed Realty Trust’s president.
Michael Roberts, Brunson Howard and Marc Renard, of Cushman & Wakefield Capital Markets, represented the seller in the Deal of the Week.
A pair of industrial (light manufacture) buildings at 2530 and 2540 Pioneer Way, Vista 92081, have been sold for $2,005,000, cash. The buildings total 20,090 square feet.
Although the South County industrial market has struggled since the recession started some areas are showing promise, according to Cassidy Turley.
San Diego-based Global Building Inc. has paid $4.3 million to acquire Chandler Mercado, an 83,277-square-foot retail center in Chandler, Ariz.
Tillster Inc. has leased 11,374 square feet of industrial space in the Cornerstone Heights Corporate Center at 6059 Cornerstone Court West, San Diego 92121, from Lincoln Property Company.
The approximately 45,120-square-foot warehouse building in Mount Hope at 3979 Lockridge St., San Diego 92102, has been sold for $4.5 million, cash.
A Starwood Capital Group entity has paid $327 million for nearly 1.1 million square feet in more than a dozen office and industrial buildings in Sorrento Mesa and Carmel Mountain Ranch.
The Daily Transcript real estate editor's choice for the most significant lease of the year in 2013 was the $134.5 million sale/leaseback of the 499,402-square-foot AT&T (NYSE:T) San Diego Data Center at 7337 Trade St. in the Miramar area last month.
The approximately 70,000-square-foot warehouse property at 1300 Wilson Ave., National City 91950, has been sold for $6.2 million, cash.
The five-unit apartment complex in Pacific Beach at 1466-1472 Diamond St., San Diego 92109, has been sold for $1.05 million.
The eight-unit apartment property in Hillcrest at 3827 Herbert St., San Diego 92103, has been sold for $1,355,000.
The 204,000-square-foot, three-building Century Park I office complex in Kearny Mesa has been sold for $57.5 million to a company that owns an adjacent office campus.
Kilroy Realty Corp. (NYSE: KRC) announced Friday that it has completed the sale of 13 San Diego office properties in multiple transactions for total proceeds of roughly $327 million.
Every week Richard Spaulding selects a commercial real estate sale or lease transaction that he feels has particular merit in its time and place. It may be because of its size in terms of dollars, it may be the first of its type in a long time, it may have been a difficult deal to make for any number of reasons, but it is always of interest to the real estate and general business communities.
The eight-unit apartment in the Teralta neighborhood between City Heights and North Park at 4270 Felton St., San Diego 92104, has been sold for $960,000, cash.
The vacant, freestanding, 4,859-square-foot one-story bank branch building at 360 W. Grand Ave., Escondido 92025, has been sold for $1,115,000.
One of downtown San Diego's older office towers, the 232,098-square-foot Union Bank Building at 530 B St.in the financial district, has been sold for $29 million to Los Angeles-based Kearny Real Estate Co.
San Carlos Village, a 127,634-square-foot shopping center in the San Carlos neighborhood at 8766-8898 Navajo Road, San Diego 92119, has been sold for $34,587,500.
San Diego County's suburban office, industrial, retail and apartment markets are each deemed to be in a strong recovery mode and may be better than that.
Carlsbad-based Terramar Retail Centers announced Tuesday that it has paid $99.5 million to acquire the 223,000-square-foot Laulani Village Shopping Center in Ewa Beach, Oahu, Hawaii.
The nine-unit apartment complex at 393 Shady Lane in El Cajon 92021 has been sold for $943,500 or $104,833 per unit.
The 34-unit apartment complex in Pacific Beach at 930 Thomas Ave., San Diego 92109, has been sold for approximately $6.8 million.
San Diego County's apartment market continues to be strong, and there seems to be little fear about too much construction.
The end of the year is a time for family, food and celebration for many, but some local commercial real estate agents say it can also be a busy time for their industry.
Steve Huffman, of the San Diego office of Hendricks-Berkadia, negotiated the Deal of the Week.
Analysts and industry experts say the commercial real estate market will see marked but steady improvements in 2014, part of an overall trend as the national and local economies finally round the corner on the recession recovery.
The lessee in the Deal of the Week was represented by Kipp Gstettenbauer, of Cushman & Wakefield.
If the Palo Alto-based Essex Properties Trust follows through on its proposed $4.5 billion acquisition of San Francisco-based BRE Properties, Inc., the ownership of more than 3,700 San Diego-area apartments in 11 complexes would change hands.
A unit of Phoenix-based Alliance Residential Co. has acquired the 549-unit Coronado Bay Club Resort Apartments in Coronado for more than $160 million.
The 283,786-square-foot Bank of America building at 450 B St. has been sold for $73 million -- well outperforming the $60.15 million the asset garnered late in the fall of 2011.
Despite several San Diego County-based biotech firms vacating hundreds of thousands of square feet through acquisition and merger the past two years, the availablity of large spaces still remains limited, according to a report.
The 379-unit Domain by Alta luxury apartment complex, in the San Diego Spectrum in Kearny Mesa, has been sold for $121 million or $319,261 per unit.
The former Caltrans headquarters on Juan Street on the edge of Old Town State Park has been formally transferred to the state parks system Wednesday as the county of San Diego recorded the transaction.
The San Diego Unified School District is proceeding with more than $100 million-plus in, ongoing construction, but that includes selling parcels where business parks were built instead of schools.
Los Angeles-based Kilroy Realty Corp. (NYSE: KRC), has completed the acquisition of the approximately 212,882-square-foot Heights @ Del Mar two-building complex and an adjoining parcel in Del Mar Heights for $126.35 million.
Some of San Diego County's office and industrial markets are tight enough to justify speculative construction, while developers may never be able to build enough apartments here to satisfy the demand.
Equity and debt seem to be flowing freely from every pore to commercial real estate, and the main problem appears to be finding properties in which to invest.
The status of San Diego County's commercial real estate market was the topic of a roundtable discussion held at The Daily Transcript offices earlier this month.
The coming year for commercial real estate in San Diego holds promise and perils.
The recent trend in San Diego County showing movement toward Class B office space and rebounding rents looks to have some stamina, several local real estate executives say.
Feb. 19, 2014 -- George Chamberlin sits down with Corky Mizer, owner and CEO of Corky's Pest Control, to talk about how Mizer got his start in the industry and the importance of hiring the right people.
Join The Daily Transcript in recognizing the 2014 commercial real estate deals of the year.