San Diego
Mixed News on Home Sales from Realtors
San Diego’s residential market is currently growing at a steady pace, above the national rate. Data released by the Greater San Diego Association of Realtors highlighted the improvement of the city’s median home price. Single-family assets traded on average for two percent more than in April, and around seven percent more than in May 2014.
Lennar Takes Site in Little Italy for High-Rise
A vacant site that is scheduled to become a new residential high-rise was recently the object of a deal in Little Italy. The buyer was Lennar Multifamily Communities , LLC who paid seller Chhatrala 520 Ash St LLC a total of $12.8 million for the development site. According to the San Diego office of Colliers International, the off-market transaction was handled by Senior Vice President Victor Krebs on behalf of the buyer. The selling entity was not represented by a brokerage.
Northrop Grumman-Leased Office Campus Trades Hands
The Spectrum Corporate Center in San Diego was recently acquired by Drawbridge Realty in a deal worth around $61 million. The asset was acquired from Real Estate Capital Partners and IVG Institutional Funds in a deal brokered by Cushman & Wakefield representatives Michael Roberts and Brunson Howard.
Senior Services Provider Debuting $43 Million Apartment Community
St. Paul’s Senior Services plans a June 2 opening for St. Paul’s Plaza, a new $43 million senior community with 156 apartments in Chula Vista. The development spans 4.5 acres in the Otay Ranch master-planned community.
COMM22 Debuts Affordable Communities Victoria, Paseo in San Diego
The San Diego affordable housing market is further expanding, as BRIDGE Housing recently held a grand opening ceremony for two communities at its COMM22 affordable community. The ribbons were cut for the Paseo and the Victoria on May 8 during an event held at 2325 Commercial Street, just days after BRIDGE Housing.
Zephyr Picks Designer for $250M Condo Project
Joseph Wong Design Associates is taking the lead architect role for Zephyr’s planned mixed-use development on Broadway. Currently known as The Block, the $250 million project will incorporate two residential towers between 7th and 8th Avenues in downtown San Diego.
Rising Multi-Family Rents Lure More Investors
As San Diego rents continued their growth through 2014, and are projected to follow a similar upward trend, investors are looking to establish a presence in the market, or cash in on their existing asset while values rise. At the end of Q1, the average rent rate in San Diego stood at $1,596 per month, according to Marcus & Millichap. Recently, deals worth more than $50 million were completed across San Diego, involving residential assets.
Seven C’s Takes Rancho Bernardo Asset
Via Frontera Business Park in the Rancho Bernardo submarket of San Diego was recently acquired by Seven C’s Group, LLC for a total of $10.5 million. The transaction was arranged by Mark McEwen, Ted Cuthbert, and Matt Zimsky of Colliers International’s San Diego office. McEwen noted that the property provides its new owners with the “opportunity to acquire an institutional business park in a desirable location.”
Oak Coast Properties Picks Up Hotel Circle Asset
The DoubleTree San Diego – Hotel Circle recently traded hands in. The deal was arranged by CBRE Hotels representatives Bob Kaplan and Rod Apodaca, who acted on behalf of the seller. The parties involved were two locally-based investors that sold the hotel to an affiliate of Oak Coast Properties LLC. CBRE Hotels is a specialized advisory group within CBRE that provides services to companies acting in the hotel sector.
Petco Park’s $250M Neighbor Nears Construction Start
The end of March saw Civic San Diego approve a development project near Petco Park, with construction set to commence later this month. The Ballpark Village development is one of the city’s largest planned housing projects, and is estimated at around $250 million. JMI Realty, the company responsible for the development of Petco Park, is partnering with Lennar Homes on the development of the master-planned district. Ballpark Village is located in the vicinity of the arena – currently the home of the San Diego Padres – that opened 11 years ago this month.