Prospect 400's Big History; The Deal Sheet
By now, you may have heard that Propect 400--a 60-unit La Jolla apartment building two blocks from the ocean--sold to an institutional buyer for $29M. (That's a lot of money to spend to get a decent parking spot near the beach.) What made it so attractive involves a little name dropping.
The land site formerly was the summer home of the late Frederick William Kellogg and his wife, Florence Scripps. But that's not all: the property'sarguablyone of the top five located apartment buildings in SoCal, thanks to its outstanding views, CBRE's Jim Neil told us this morning. The Kelloggs developed much of the La Jolla Shores area (including the famed La Jolla Beach & Tennis Club), and the Scripps family needs no introduction. (And if we gave them one we'd need to spell it correctly.) They'retwo of the most historically important families in San Diegoand "they chose this as their home site." Jim and colleaguesEric ComerandMerrick Matricardirepped the seller, theCarolyn M. Holmer Irrevocable Trust. The buyers represented themselves.
SALES
Ashley Furniture Homestore bought 7700 Miramar Rd, a 121k SF warehouse building, from Toppan Electronics for nearly $6M. The building, constructed in 1974, has been vacant for 10 years ever since Toppan moved its operations to Poway. Ashley plans to renovate the building for a 54k SF showroom and use the balance of the building as warehouse space. CBRE San Diego's Chris Pascale and CBRE Japan Desk's Kenji Sakai represented Toppan, which used the building to manufacture and distribute circuit boards. CBRE's Dave Hagglund and Campbell Realty Advisors' Dennis Campbell repped Ashley.
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The Heritage Group, a full-service commercial RE management and investment advisory firm, arranged the acquisition of the First Bank Building in Chula Vista (318 Fourth Ave) for just under $2.3M in a 1031 exchange. Newman-Fourth & F LLC bought the 14k SF building from HP Investors, represented by Marcus & Millichap.
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Wasatch Advantage Group bought the 161-unit Village Grove Apartments in Escondido off market from MG Properties Group for $15.7M. The eight-building complex (660 N Quince St) is 97% occupied. The buyer plans to secure tax credits and operate Village Grove as an affordable community, according to CBRE's Jim Neil, who represented Wasatch along with Eric Comer and Merrick Matricardi. MG repped itself.
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Wisconsin-based Hendricks Commercial Properties bought Scripps Mesa Retail Center (9801-9841 Mira Mesa Blvd) from Scripps Mesa Central LLC for just under $7M. CBRE's Reg Kobzi and Joel Wilson repped both sides. The 26k SF property is 86% leased.
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Paul Lafrenz, Paul Komadina, and Melissa Foster of CBRE's private capital group arranged the 1031 exchange sale and leaseback of 32836-32840 Wolf Store Rd in Temecula, a 15k SF two-condo industrial flex building in the Red Hawk Business Park. REVShare, a distributor of cost-per-action commercials, sold the building for $1.7M and signed a three-year NNN leaseback agreement with the new owner. Coldwell Banker Commercial Sudweeks Group's Corey Martin repped the buyer, a private investor.
LEASES
American West Bank renewed its 5,400 SF downtown branch on the ground floor at 701 B St for another 11 years. The Saywitz Co's Jeff Saywitz represented the tenant while Cushman & Wakefield's Jeff Oesterblad repped the landlord, Trizec.
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Center for Autism and Related Disorders signed a 65-month lease for 4,401 SF of office space at 334 Via Vera Cruz in San Marcos.The Saywitz Co's Jeff Saywitz represented CARD, while Commercial Facilities' Malinda Louie repped landlord Maximum Credit Trust.
CONSTRUCTION
Pacific Building Group, Anne Sneed Architectural Interiors, and Unisource Solutions completed HD Supply's new retail call center in Santee. The facility, 101 Riverview Pkwy, contains 35k SF of new open office space with multifunctional workspaces, employee hubs, a trade show area, and exercise room. HD Supply, a distributor of products for the infrastructure, maintenance, repair and improvement, and specialty construction markets, used some of its own products in the new call center, which relocated from the company's HQ in Poway.
EXECUTIVE NEWS
Lee & Associates-North San Diego's office in Carlsbad has added Jeff Abramson as an SVP, specializing in tenant and buyer representation for office and industrial properties. Before this, he was a partner in Cassidy Turley.
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Chaneng Joe has returned for another stintat CBRE, focused on leasing, sales and advisory of retail properties throughout San Diego County as part of the retail private capital group.Most recently with Jones Lang LaSalle, she began her CRE careerwith CBRE as an analyst in the research department.
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CBRE recruited Ryan Grant from Cassidy Turley to focus on downtown San Diego and Mission Valley office leasing and sales. He's partnered with Andrew Taylor.
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FaithGray, previously with Regency Centers, joined The Saywitz Co to handletransactions and help expand the firm's San Diego ops. In addition, Patrick Fay joined as a business development associate.
There are two types of people in this world: People who can count. Emailjulie@bisnow.com.
