San Diego
Oceanside M-F Asset Commands Record Per-Unit Price
The San Diego residential market recently recorded a substantial deal when a rental townhouse development was purchased, setting a per-unit record in terms of the fee. The property is located in the Oceanside submarket of San Diego, and formerly owned by ConAm Group, who sold the property to L.A.-based investor, TruAmerica Multifamily, part of a joint venture with Guardian Life Insurance, the San Diego Union-Tribune writes. The total fee that ConAm received for its asset stood at around $81 million, with the per-unit rate at approximately $366,516, a record for Oceanside a record for the submarket.
Starwood Wraps Up $1.6B Mall Portfolio Purchase
Starwood Capital Group has just completed its second major portfolio purchase from Westfield Group, snapping up seven regional malls in the West and Midwest for just over $1.6 billion.
Essex’s $121M Buy of M-F Portfolio Shows San Diego’s Solid Economy
Essex Property Trust has purchased a 379-unit luxury apartment community in San Diego for $121 million from Wood Partners in an all-cash transaction, as more than 15,000 jobs reportedly are within two miles of the community’s location.
TDA Investment Group Pays $11.4M for MOB Near San Diego State
San Diego is well-known for being one of the country’s hotbeds in terms of biotech and health sciences, with a plethora of facilities accommodating a number of specialized companies, also driving the area’s real estate market. Now a medical facility has traded hands in the immediate vicinity of the San Diego State University. The Alvarado Hospital Medical Plaza III has been acquired by TDA Investment Group for a total purchase fee of around $11.4 million from seller AMP III LLC.
PREI Pays Reported $57M for Mission Valley Office Building
The San Diego office market recorded an important transaction on its road to recovery as the Rio San Diego Plaza recently traded hands. The office asset was acquired by Prudential Real Estate Investors from AEW Capital Management, who sold the property on behalf of one of its institutional clients. The property had been acquired by AEW Capital Management back in 2006 from 8954 Rio San Diego LP. The deal was handled by real estate company Jones Lang LaSalle. The JLL team in charge of the deal was made up of Managing Directors Lynn LaChapelle and Bob Prendergast.
Kilroy Buys 220 KSF Office Campus in San Diego Suburb for $126M
The Heights at Del Mar, a 219,000-square-foot office and life science campus in the coveted Del Mar Heights submarket of San Diego, is now part of Kilroy Realty Corp.’s portfolio. The REIT acquired the premier two-building, 15-acre asset from Prudential for $126 million.
Cassidy Turley Incorporates Western Region Affiliates into Firm
Following a trajectory it set for itself three years ago when the firm first launched, Cassidy Turley has merged its former affiliates in Arizona, Colorado, Northern California and San Diego into the firm, and all are now fully owned by the commercial real estate service provider.
Alvarez & Marsal, Classical Academy Buy Industrial Assets
A series of commercial real estate transactions have taken the center stage in the San Diego market recently with a distribution facility and a research property making industry headlines. The Classical Academy has recently acquired an industrial facility formerly operated by now defunct local newspaper, North County Times. Additionally, El Segundo-based Alvarez & Marsal Capital Real Estate has moved for a Carlsbad R&D property, a deal mediated by Cassidy Turley and Madison Partners.
County’s Economic Index Still Rising, Even as Pace of Job Gains Slows
San Diego’s economy seems to be on a steady uptick with a host of indicators currently seeing slow but steady improvement. The USD Burnham-Moores Center for Real Estate has come out with its latest Index of Leading Economic Inicators for San Diego County, and the 0.7 percent increase the index posted for the month of July is a healthy sign. The positive outlook for 2013 in San Diego County seems to be maintained as the area has seen its 11th consecutive increase for the USD Index.
Kiernan Cos. Buys 10 Acres in Otay Mesa
With San Diego’s industrial market set to see its vacancy rates go up, the news that a large chunk of industrial land near the Mexican border just traded hands is as encouraging as it gets. Recent reports indicate that the Kiernan Companies of Coronado snapped up around 10 acres of land, part of the Airway Business Center. The new purchased the plot for a fee of around $3.6 million, from seller MS Development Co. LLC. The deal was arranged on behalf of the seller by a CBRE team, while Kiernan was represented by a team from Fischer & Co.