San Diego
Beech Street Closes $9.6M Fannie Mae Loan for El Cajon Property
The broker that Beech Street Capital worked with in the transaction is Chris Hutchinson of Alcole Capital Group. The representative has worked with the buyer in three previous deals of this type, while the loan is Beech Street’s third transaction with Fannie Mae MAH. According to a statement issued by Beech Street Capital, Kristen Croxton, along with fellow executive vice president Greg Reed, originated the deal from the company’s Newport Beach office. Croxton had this to say regarding the move: “this transaction is the perfect illustration of Beech Street’s ability to apply our expertise in affordable housing for our clients’ benefit”.
Aimco Acquires Oceanfront M-F Complex in La Jolla for $29M
Prospect 400 offers a total of 60 residential units including 29 one-bedroom apartments, 24 two-bedroom units and seven studios. The property also features a number of 10 resident garages, while the community’s amenity package offers residents access to a heated pool, a common ocean view sundeck, hydro-therapy spa and a resident lounge equipped with a full kitchen, media niche, billiards table and restrooms. Located on a .65-acre site in San Diego’s La Jolla neighborhood, the residential complex is the result of a redevelopment process that transformed Kellogg’s summer home back in 1970. Since then, the apartments have been owned continuously, and a series of renovations to the building’s exterior have been undertaken as recently as 2010.
Inland American Lodging Grabs Andaz San Diego for $53M
After its completion, the building was known as the Ivy Hotel from 2007 to 2010 when it was rebranded as Andaz San Diego. American Lodging Advisor, Inc., through the voice of its President and CEO, Marcel Verbaas, manifested its excitement regarding the newly acquired asset by noting: “This purchase aligns with our objective to acquire Luxury, Upper-Upscale and urban Upscale hotels in the top 25 lodging markets.”
IDS, TIAA-CREF Pay $60M For Kearny Mesa Campus
IDS Real Estate Group recently completed the purchase of a San Diego-area tech center. The real estate company operated through an affiliate involved in a joint venture created alongside an institutional partner for the acquisition of the Cabrillo Technology Center in Kearny Mesa. The seller was Cabrillo Properties LLC. Both parties were represented in the transaction by CBRE San Diego through a team consisting of Louay Alsadek, Evan August, Brad Black and Andy Taylor. The financial terms of the agreement were not released to the press.
JMR Plans Q2 Start for $38M Residential Project in Santee
Set to be built at the corner of Cuyamaca Street and Town Center Parkway, the 172-unit community would also offer residents close proximity to the San Diego River and the Santee Trolley Town Square shopping center. Additionally, the San Diego Trolley connects the area with San Diego State University, Old Town and downtown San Diego. A recently-completed 55-acre community park will provide service for the entire area with community space for picnics as well as baseball, soccer and football fields as well as tennis courts and playgrounds.
Pebblebrook Pays $113M for Embassy Suites San Diego
Pebblebrook Hotel Trust has recently announced the acquisition of one of San Diego’s most iconic hospitality properties. Embassy Suites San Diego Bay is now part of Pebblebrook’s portfolio after the completion of a $112.5 million-deal. The REIT is assuming a $66.8 million secured, non-recourse loan, with the balance of the purchase price being funded through available cash.
Pebblebrook Buys Embassy Suites in Downtown San Diego for $112M
Pebblebrook Hotel Trust, of Bethesda, Md., has purchased the Embassy Suites San Diego Bay – Downtown for $112.5 million.
Regency Scored County’s Top 2012 Retail Buy: $81M Grocery-Anchored Center in Hillcrest
Uptown District is a grocery-anchored urban center that offers 148,638 square feet of retail space and is currently the main destination in its category in the Hillcrest area. It stands at 940 University Ave, in the immediate vicinity of Highway 163, offering customers increased accessibility. Approximately 550,000 residents populate the five-mile radius area Uptown District services. The shopping center is anchored by Ralphs and Trader Joe’s, while other big names in its tenant roster are Starbucks, Party City, Pier 1 Imports, Wells Fargo and Panera Bread. The facility has an attractive occupancy rate of about 95 percent.
Contactor Heads for Home on $11M USD Ballpark Project
Significant progress was recently announced at Turner Construction Company’s under-development Fowler Park at the University of San Diego. The project has hit the 50% mark construction-wise and is on schedule for a topping out event later this month. The University of San Diego is set to breathe new life into the aging baseball facility currently occupied by its USD Toreros team, one of the top 25 college baseball teams in the United States.
Golden Door Spa in San Marcos Commands $25M
A luxury spa resort in San Marcos was recently sold with the aid of financing giant Holiday Fenoglio Fowler. The Golden Door Spa traded for a transaction total of $24.8 million free and clear of existing debt. The deal was arranged by a team led by Dan Peek and Bill Stadler, senior managing directors with HFF, and also consisting of Managing Director Scott Hall and Real Estate Analyst Alexandra Lalos. The new owner has also acquired the Golden Door brand, and retains the right to perform any expansions on the facility.