See 5015 Shoreham Pl In a Way Nobody Can Ever Again
There's one more reason we're excited to hold our San Diego Creative Office Summit on Dec. 16--it'll be held at 5015 Shoreham Pl, which is raw space that has a future as creative office.
Locale Advisors VP of acquisitions Jay Boyle (snapped with his newest family member, Sydney) tells us that the property will provide creative space that “caters to what San Diego tenants are looking for"--large open floor plan with high volume, extensive glass with natural light, indoor/outdoor connectivity, and inviting outdoor gathering areas.
The outdoor space is as important to creative office as the indoors, Jay says, at least in San Diego. “Our creative space demand is different than what you may find in a large urban center like San Francisco, largely due to the unbeatable climate and geographic makeup.” The 26k SF property dates from 1984, and formerly housed an engineering services firm. Locale Advisors bought the Governor Park building for about $3.9M earlier this year, with plans to upgrade it into creative office. Locale is led by local real estate veteran Phil Monroe, who will speak at our San Diego Creative Office Summit next week. Sign up here. |
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Creative Space Piques Investor Interest
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Tenants aren't the only ones interested in creative space. Investors want a piece of that action, too, Parallel Capital Partners Matt Root tells us. Recently the company sold One Technology Place, a 152k SF office complex at 10905-10949 Technology Pl in Rancho Bernardo, to Palo Alto-based Menlo Equities Associates for $22M. The property was part of Parallel's Creative Collection--26 creative office, R&D and lab buildings in the tech hub of Sorrento Valley and nearby Rancho Bernardo. Built in 1985, the One Technology Place complex recently underwent a $3M renovation to capitalize on the interest in creative office space. |
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The goal of the renovation was high-quality, functional space for tech-oriented companies, Matt says. With that in mind, the renovated offices now feature open interactive areas, instead of traditional cube spaces. Parallel also did interior and exterior improvements to all common areas, as well as installing improved signage and new landscaping. Smith Consulting Architects was the architect for the exterior renovation, with Facility Solutions doing interior design work. The complex is currently 75% leased, with anchor tenants including SDG&E and Systech Corp. |
Betting on Kearny Mesa
San Diego's office market has been a little slow on the uptake (at least compared with the likes of LA and San Francisco), but MIG Real Estate's Greg Merage tells us the sluggishness is over, especially in submarkets with rising fundamentals, such as Kearny Mesa. Recently the OC-based investor acquired its eighth San Diego office property, Viewridge Business Park, a 72k SF complex in Kearny Mesa.
Considering its location in a submarket with rising demand, Greg says the property's value-add nature offers strong upside potential. The property is currently 82% leased with tenants including Coastal Credit, Yardi and Vericare. JLL's Bob Prendergast and Lynn LaChapelle repped the seller in the transaction and MIG Real Estate represented itself.
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Drones Ready to Fly High (Almost)
As gee-whiz tech with real estate applications, drones have passed the tipping point--businesses and individuals are clamoring to use them--but, as usual, policymaking hasn't quite caught up, and there's still confusion about what the law says, what the rules are, and how to fly them without flouting the law. This morning Lisa Ellman, a counsel in the DC office of McKenna Long & Aldridge, talked about drones--the current uncertainty, their vast potential--as part of McKenna Long & Aldridge's Business Over Breakfast Series at the firm's offices in the Koll Center. Lisa (right), snapped with colleague Majorie Burchett of the San Diego office, serves as co-chair of the firm's Unmanned Aircraft Systems (drones, that is) Practice Group and recently recorded a TEDx Talk about the subject. |
Answered: The Most Gripping, Compelling and Tantalizing Questions of Real Estate
If you were to corner Professor Peter Linneman at a cocktail party, what questions would you ask him about commercial real estate? Wonder no further, because Bisnow Education has collected his most frequently asked questions in a handy video that goes beyond simple terms and explanations. Peter is Wharton's Real Estate program founder and chairman, and here he plays Answer Man in easy-to-understand segments. Useful questions address how the industry evolved from its beginnings, its dynamic cyclical nature, leasing vs. owning, tax benefits, how to get the most out of your broker, understanding and benefiting from legal services, and more. This video is available to you for just $99, or purchase the entire Bisnow Education library for only $449. Watch a sample here, and order yours for personal enrichment or staff training. For group licenses, contact Will Friend at will@bisnow.com.
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