San Diego
Vista Industrial Asset Fetches $5.6M
The sale of a San Diego industrial asset was recently announced by real estate brokerage Colliers International. The transaction was completed by one of the company’s local offices, on behalf of seller Symphony Asset Pool XIV, while new owner B Group Holdings Inc. was represented by CCIM. The value of the transaction stood at a total of $5,562,500.
ASB, Blatteis & Schnur Buy Trio of Gaslamp Retail Properties for $15.3M
A trio of buildings recently traded hands in the city’s famed Gaslamp Quarter after ASB Real Estate Investments shelled out a fee of $15.25 million for the properties. The move is part of the company’s strategy to acquire investment-worthy properties in the country’s best shopping corridor. ASB purchased the three buildings in joint venture with Blatteis & Schnur on behalf of the company’s Allegiance Fund, from Federal Realty Investment Trust. The JV also partners in a number of other Californian properties in Los Angeles and San Francisco.
OliverMcMillan Sells Trio of East Village M-F Properties for $142M
A unique trio of properties traded hands in one of the most intriguing deals in recent memory on the San Diego real estate market. Developer OliverMcMillan has sold its The Lofts Portfolio in the East Village to three newly created entities dubbed The Lofts at 655 Apartment Holdings LLC, The Lofts at 677 Apartment Holdings LLC and The Lofts at 707 Apartment Holdings LLC. The transaction was arranged by three CBRE representatives: Kevin Mulhern, Rachel Parsons and Dixie Hall. Financial terms of the deal were not disclosed.
C&W to Manage Major Industrial SoCal Portfolio
IndCor Properties has awarded Cushman & Wakefield a contract to manage 9.1 million square feet of its industrial properties in Southern California, including San Diego, Irvine, and the Inland Empire.
NAA Special Report: How Apartment Companies Make Buying Decisions
Panelists at the National Apartment Association 2013 Education Conference and Exposition offered advice on how product and services providers should approach apartment companies.
Brookwood Financial Partners Buys Kearny Mesa Office Complex
San Diego’s office market has received another boost after the announced acquisition of a large, multi-tenant property in the city’s Kearny Mesa submarket. Brookwood Financial Partners LLC has moved to acquire the Four Points Business Park for an undisclosed amount. This is the investor’s third San Diego-area transaction in the past 20 months, having previously added the Mission Valley Crossroads and Bernardo Executive Center properties to its multi-tenant office portfolio. Brookwood Financial Partners represented itself in the transaction while the seller was represented by Bob Prendergast and Lynn LaChapelle of Jones Lang LaSalle.
Schorsch Strikes Once Again: Acquires First Allied Holdings
Calling it another step forward for RCAP Holdings, Nicholas Schorsch, chairman & CEO of American Realty Capital and sister company RCAP Holdings, said it was expanding into the independent broker-dealer financial services business with the acquisition of First Allied Holdings, of San Diego.
Industrial, M-F Properties Trade in El Cajon
On the residential front, Trion Properties moved to acquire a 22-unit apartment complex in the area. The company acquired the value-add property for a fee of $2.35 million, through a team of representatives from Colliers International. Trio is now looking to invest in the property and bring it up to standards, as it had not been proactively managed by its former owners.
OliverMcMillan, Capri Capital Start 208-Unit M-F Project in East Village Arts District
A new residential community is set to take shape in San Diego’s East Village Arts District. The new project was announced by the partnership consisting of Capri Capital Partners and OliverMcMillan. The two real estate companies specialize in developing city-street-oriented projects and providing financing for urban housing developments respectively. The new multifamily development will be known as The Lofts at 688 13th Street. The construction process is set to last for around two years.
ULI Special Report: Opening Speakers Emphasize Need for Innovation
Can developers be innovative? That was the topic of discussion during the opening session at the 2013 ULI Spring Meeting in San Diego.