San Diego
San Diego State Starts $53M Makeover of Residence Hall
San Diego State University’s Zura residence hall renovation project has officially begun as Balfour Beatty Construction is handling the process on behalf of the organization. The process is essentially a $53 million investment aiming to upgrade and improve student housing facilities at the site. Financing for the project was sourced through California State University System wide Revenue Bond program, and housing reserves. Completion for the Zura hall renovation project is set for the summer of next year.
BBL Commercial, Westbook Buy “Mister A.’s Building” in Downtown San Diego
One of the best-known office buildings in downtown San Diego was recently acquired by a partnership of BBL Commercial Real Estate of San Diego and Westbrook Partners. The buyer shelled out $39.25 million for the Fifth Avenue Financial Center. The two parties involved in the acquisition each represented themselves and all leasing activity at the building will henceforth be handled by real estate brokerage Cassidy Turley.
Lincoln Buys Carlsbad Corporate HQ; El Cajon Industrial Asset Trades for $5.7M
A Carlsbad HQ property and an El Cajon industrial business park have traded hands this past week as San Diego’s commercial real estate market continues its high sales volume.
Developers Break Ground on $120M Border Project Linking San Diego and Tijuana
After nearly six years of planning a unique project recently broke ground in the San Diego area. Developers have officially started work on the Cross Border Xpress, a $120 million private venture that will build a new elevated, pedestrian bridge for Tijuana International Airport. The project is the first facility in the U.S. that connects directly into a foreign airport terminal. The development company is Otay Tijuana Ventures LLC, an entity supported by shareholders from both America and Mexico.
San Diego Submarkets Continue Strong Showing as Office, Industrial and M-F Assets Trade
Although the amount of blockbuster deals is low in the San Diego area, in terms of sheer volume of transactions, the city’s submarkets seem to be doing very well. An office campus in Del Mar Heights, an industrial asset in Otay Mesa and a multifamily complex in Imperial Beach all traded hands this week, underlining the growing appeal of San Diego’s investment opportunities to companies looking to expand operations in the area or owners looking to cash in on the current trend.
HCP Buys Torrey Pines R&D Building; Ariel Suites Announces Trio of Commercial Tenants
San Diego’s real estate market has once again recorded an active week, with the city’s life sciences submarket, one of its strong suites, seeing an important asset transaction, while one of the most high profile developments in Little Italy is moving forward with new additions to its tenant roster.
Scripps Memorial Hospital Encinitas Unveils $94M Expansion
The Scripps Memorial Hospital Encinitas in North County recently completed its high-profile expansion as an investment of approximately $94 million was finalized. The grand opening of the Leichtag Foundation Critical Care Pavilion was held on July 1st, marking the addition of the new emergency department and inpatient rooms to the existing facilities, as well as a number of other improvements. The name of the new facility was also announced during the opening ceremony, Leichtag Foundation being a local philanthropic organization that has contributed with a total in $10 million back in 2009.
DRA, Cypress Pay $41M for Sorrento Mesa Office Portfolio; NBC 7 Seals Move to Kearny Mesa
In what was yet another good week for San Diego’s office market, a large portfolio deal was completed by a partnership between DRA Advisors LLC and Cypress Office Properties LLC, while local news outlet NBC 7 San Diego also acquired an office asset. The two deals were worth a combined $50 million, greatly boosting the profile of the local commercial real estate market. The transaction was arranged by Cassidy Turley Executive Managing Editor Rick Reeder and Managing Director Brad Tecca on behalf of the seller.
Zephyr Partners Plans $250M High-Rise Development on Full Block in Downtown San Diego
Zephyr Partners is planning a $250 million mixed-use development in one of the last remaining full blocks of available property in the city’s downtown.
Sundt to Manage Construction of Science Building at SCCD’s National City Campus
The latest building of the Southwestern Community College District is finally underway as the school has announced its developer choice for a new science building. SCCD has selected Sundt Construction to carry out the construction process at the college’s Higher Education Center located in San Diego’s National City. Sundt was named Construction Manager at Risk for the new science building project in which the school will be investing around $15.3 million.