San Diego
Core Capital, Downtown Properties JV Buys 150-Key Hyatt Place San Diego
A joint venture affiliated with Core Capital Investments and Downtown Properties has acquired the 150-key Hyatt Place San Diego from an entity controlled by ABA Development.
Market Snapshot: San Diego–City of Contradictions
San Diego is a city of ups and downs and quite a number of contradictions that keep investors guessing in some areas.
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.
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.
New Company to Give “Everyday Investors” Access to San Diego Multi-Family
Two commercial real estate veterans in San Diego have launched Perry Commercial RE Investments, a new company that will focus on providing new investment options in commercial real estate, specifically in the multi-family space.
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.
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.