San Diego

After being acquired by Kilroy Realty Corporation in 2013, The Heights at Del Mar is now set to be expanded. The new owner recently issued a statement announcing that it is developing a brand new, speculative office project in an office submarket of San Diego that has not seen a new property be built in eight years. The $45 million investment will be the third asset part of The Heights at Del Mar office complex. A formal groundbreaking at the property was held earlier this month at the site, with completion set for Q4 of 2015.

A residential project located in San Diego’s Hillcrest neighborhood recently received a massive boost as developer Hillcrest Veritas, LP received $7.46 million in construction-permanent financing. HFF worked on behalf of the developer to secure the financing, a 71 percent loan-to-cost, 12-year, fixed rate construction-permanent loan through a correspondent life company lender.

The owner of the Balboa Mesa Shopping Center has recently announced that new contracts have been signed at the facility, meaning that the shopping center is now fully leased. The San Diego-area retail property is currently under the ownership of national owner, operator and developer Regency Centers. The company’s local leasing agent, Eric Li, completed a total of 13 leasing agreements during the time that the property was in redevelopment.

Murphy Development recently announced that it had completed the acquisition of a large land parcel in the Scripps Ranch Business Park from seller Intel Corporation. The land involved in the transaction was previously acquired by Intel fourteen years ago in a deal worth approximately $28 million. Located in central San Diego, the land is set to become the site for a massive commercial real estate development that will cater to tech companies.

An Escondido apartment community recently traded hands as part of a 300-unit acquisition completed by the SARES REGIS Multifamily Fund. The buyer acquired the Alta Vista residential property in the north San Diego County in a deal that also included the Portland, OR community of Westview Heights. The two deals bring the buyer’s current multifamily portfolio to eight properties and 1,220 apartments in the Western states of California, Oregon, Colorado and Washington. The fund was created last year with $114 million.

San Diego’s commercial real estate market recorded a solid week as a host of real estate deals totaling around $32 million in value were recorded over the recent time frame. Two Carlsbad office properties, a number of retail buildings in La Jolla, as well as a retail center in Black Mountain Ranch were all involved in transactions in a high-volume week for the commercial sector.

The first phase of the Las Colinas Detention and Re-entry Facility in Santee, Ca was recently completed by developer Balfour Beatty Construction. The company had been awarded the contract to develop the $221.5 million project that would replace the old 1960s detention facility. The facility will serve as the point of intake for women inmates in San Diego County, and is being constructed on existing property owned by SDC.