San Diego
SPOTLIGHT ON SAN DIEGO: TIAA-CREF Takes Kearny Mesa Office Asset
The Copley Corporate Center in the Kearny Mesa submarket has recently traded hands.
MetLife Acquires First Allied Plaza for $150M
MetLife Inc. has recently completed the acquisition of a downtown San Diego office tower for a reported purchase fee of $156.8 million. The San Francisco office of the insurance giant is now the new owner of First Allied Plaza in San Diego, after it acquired the property from seller Lone Star Real Estate Funds, a Dallas-based company. The transaction was completed with the help of brokerage Eastdil Secured LLC, who represented the seller.
Hines, Oaktree Buy Carlsbad Office/R&D Property
A Carlsbad, CA office/R&D asset recently traded hands as international real estate firm Hines moved to acquire the property along with a real estate fund managed by Oaktree Capital Management, L.P. The transaction for the property was completed for an undisclosed amount, and arranged by Greg Mills, Michael Lawrence, Ben Tashakorian and Alex Jize of Marcus & Millichap on behalf of the seller.
Polidev Investments Acquires Office/MOB Asset in University Town Center
Polidev Investments Inc. recently completed the acquisition of a San Diego office and medical office campus located in the city’s University Town Center submarket. Seller DivcoWest worked with real estate company HFF to market the property, with HFF also being responsible with closing the transaction. Polidev also worked with HFF in securing the necessary financing for the acquisition of Genesee Plaza.
Chelsea Investment, Westminster Manor Plan $12.5M Makeover of Downtown Seniors High-Rise
Westminster Manor, a San Diego affordable housing community for senior citizens, recently entered a brand new joint venture which will provide important financing for the property. Colliers International broke the news that Chelsea Investment Corporation was selected as the new partner in the newly created Westminster Manor LLC. Westminster Manor entered the joint venture for $28.6 million, funds that will be structured for the renovation of the building. The renovation process will add Keyser Marston Associates partner Paul Marra as the financial analyst for the project.
San Diego Office Sales Heat Up as End of Year Approaches
The San Diego office market is a hotbed for smaller transactions, with the last couple of weeks recording a large number of deals that signal investors are scrambling to wrap up deals before the end of Q4. Deals in submarkets such as Rancho Bernardo, Carlsbad, Mission Valley and Kearny Mesa were completed by entities recently.
Colliers’ Carlsbad Teams Wrap $11M in Industrial, M-F Sales
Colliers International recently announced the completion of two separate real estate deals in the greater San Diego area that have gained a combined total of $11 million. It was recently announced that a multi-tenant industrial building and a 16-unit multifamily property were acquired by PacVentures, Inc. and San Diego Heritage Partners LLC, respectively. The Carlsbad office of Colliers International handled representation of both deals, on behalf of all parties involved.
Pechanga Resort & Casino in Temecula to Get $285M Expansion
The owners of the Pechanga Resort & Casino in Temecula, CA is set for a major expansion as the Pechanga Band of Luiseño Indians recently revealed plans for a major investment. Plans call for around $285 million luxury four-diamond hotel wing that would greatly expand the potential of the resort.
Northrop Grumman Renews Lease at Kearny Mesa Campus
Northrop Grumman Systems Corporation, one of the largest companies in the entire country, recently completed a leasing deal that will keep the entity at its current home in the Kearny Mesa submarket of San Diego. According to the local office of Colliers International, the company has renewed its lease for the entire space that it has occupied at an office campus located in the Kearny Mesa Spectrum Center. Colliers noted that the leasing agreement is one of the largest deals of its kind in terms of size to be completed in 2014 in the area.
Financing In Place for Gaslamp Quarter Hotel, Montage’s 1st Pendry-Branded Property
Construction financing for a new Montage-branded hotel in San Diego is finally in place. George Smith Partners recently announced that the firm has arranged around $95 million in funding for a partnership consisting of The Robert Green Company and Montage Hotels & Resorts. The venture is planning a brand new property in the city’s downtown Gaslamp Quarter, one of the hospitality hotbeds in San Diego. The hotel development is a $138 million project that will be used as the official debut of the hospitality operator’s latest brand.