San Diego
CalSTERS, GI Partners Fund Acquires San Diego Data Center
DataCore, a fund co-founded earlier this year by CalSTERS and GI Partners, has acquired a two-story data center and office building in a submarket of San Diego.
Carey Watermark Pays $85M for Courtyard in Hotel Circle
The Courtyard San Diego Mission Valley/Hotel Circle traded recently when Jones Lang LaSalle Hotels arranged the acquisition of the property for a private investment group. The buyer is Carey Watermark Investors, an Illinois-based entity that paid a reported $85 million for the San Diego hospitality property. The deal was handled by Jones Lang La Salle Hotels Managing Director John Strauss along with Senior Vice Presidents James Stockdale and Samantha Fisher. The buyer has opted to keep Evolution Hospitality as the property manager.
Keating Hotel Group Refinances 2 Historic Gaslamp Properties
By Alex Girda, Associate Editor
The Keating Hotel Group has refinanced the Keating Hotel and the Mercantile Building, two neighboring properties in San Diego’s Gaslamp District. A team from Holiday Fenoglio Fowler L.P. led by Aldon Cole and Husayn Hasan placed […]
HFF Secures Debt for Holland Partners’ Downtown M-F Project
Holland Partners Group Management Inc. has secured $45 million in construction and permanent financing for a 242-unit apartment complex in Downtown San Diego. Dubbed 15th and Market, the 243,000-square-foot property will include 10,000 square feet of ground-floor retail space.
Cruzan/Monroe, Cigna Buy DiamondView Tower for $121M
In a $121 million deal, Cruzan/Monroe and Cigna Investments Inc. have acquired San Diego’s DiamondView tower. Seller Wereldhave USA was represented by CBRE Inc. The 15-story, 305,255-square-foot building is located at 350 Tenth Ave. and offers views of nearby Petco Park.
School District Sells Surplus Sites; Retail Center Fetches $27M
However, two board members blocked the sale of the Mission Beach site on the ground that finding a development partner would be a better option for the district than selling the property. The board ordered district staff to find an alternative site to sell from among seven designated for disposition.
Orange Garden Apartments in Poway Re-Opens After $15.3M Upgrade
Orange Garden Apartments is the newest addition to Poway’s roster of affordable housing communities. Affirmed Housing Group recently announced the grand re-opening of the property after it bought the former market-rate complex and completed a $15.3 million renovation. Eligible residents include those earning 30 percent to 60 percent of the local median income.
Balboa Mesa Shopping Center Trades Hands in $59M Deal
Regency Centers Corp. completed a deal to own San Diego’s Balboa Mesa Shopping Center. The real estate company paid a premium of $59.5 million to Balboa Realty L.L.C. Regency is currently on track to acquire a number of retail properties boasting high occupancy rates and representing good value for money. The 189,321 square feet of space the shopping complex offers are leased by a number of high-quality tenants.
Hines-J.P. Morgan JV Secures $188M Loan for Office Campus
Arranged by Jones Lang LaSalle Inc.’s capital markets division, the loan provides debt and construction financing for the campus, where Hines is developing a 415,000-square-foot office building (pictured). Scheduled for completion in 2014, the building is fully leased to LPL Financial, which will consolidate operations from multiple local offices. LPL Financial’s lease is one of the largest ever in San Diego.
Del Mar Retail Center is Latest Local Buy for Donahue Schriber
In addition, Donahue Schriber, a private REIT, recently closed escrow on Bonita Centre in Chula Vista, a 98,854-square-foot center anchored by Vons and Rite Aid outlets.Bonita Center, which traded for an undisclosed amount, will likely undergo renovations that will preserve its original architecture. Elsewhere on the West Coast, Donahue Schriber acquired Four Corners Shopping Center in Washington.