The Deal Sheet
SALES
Central Data Services purchased Convoy Business Center, a 28k SF, three-story office building in Kearny Mesa (7071 Convoy Court), from Self Procured Properties for just over $3.8M. The building was 63% leased at the time of sale. CBRE’s Paul Lafrenz and Melissa Foster repped the seller. Voit's Jon Boland and Garrett Fena repped the buyer.
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961 Park Center Drive LLC purchased a 13k SF industrial building in Vista (can you guess the street address?) from JT Property Holdings for nearly $1.6M. Lee & Associates' Rusty Williams repped the buyer. CBRE's Rob Gunnis repped the seller, which is leasing back 7,000 SF on a month-to-month basis.
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Marcus & Millichap sold Forest Glen Condominiums, an 88-unit apartment complex (612 Los Arbolitos Blvd) in Oceanside for $14.2M or just over $161k/unit. The property's condo entitlements pave the way for the sale of individual units in a future market cycle, according to Christopher Zorbas, who repped the seller. Colleague Stewart Weston repped the buyer, who will add value through continuation of an interior renovation program.
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L&W USA Property bought a 21k SF restaurant building and ground lease assignment, 2828 Camino Del Rio South, from the Lehr Family for $1.3M. Lee & Associates' Kelly Ness and Marc Dudzik repped the buyer, which plans to occupy the building. Caltrans is the land owner and ground lessor.
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Lee & Associates' Al Apuzzo, Matt Weaver, and Patrick Miller repped the Strum Family in the $1M sale of a nine-unit apartment building in El Cajon (2310-2334 Tampa Ave).
LEASING
Integrity Healthcare Solutions leased 2,950 SF at 425 W Fifth in Escondido as general offices for a home health care business. CDC Commercial's Nancy Murphy and Matt Orth repped the tenant as well as the landlords, Lureen Conkle and Art Meier.
Harmony Acupuncture and Wellness Center leased 2,540 SF of office space at 249 S Juniper in Escondido. CDC Commercial's Don Zech and Matt Orth repped Harmony as well as the landlord.
FINANCING
CBRE San Diego’s Debt & Structured Finance Group arranged a $29M loan on behalf of The Premiere Residential Communities for San Marbeya Apartments, a 276-unit, luxury community in Tempe, Ariz. (above). The seven-year refi loan was arranged through Cornerstone RE Advisers with a 3.85% fixed rate and 66% LTV.
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Meridian Capital Group's Seth Grossman and Sarah Kuebler arranged a $26M CMBS loan for the 220k SF Crossroads Shopping Center in Fullerton on behalf of an LA-based family office. The 10-year mortgage features a 4.73% fixed rate and interest-only payments for the full term.
BUSINESS
Commercial real estate veterans Bradford Perry and Linville Martin launched Perry Commercial RE Investments to focus on multifamily properties in San Diego, which currently has a 2.7% apartment vacancy rate. The new firm is aimed at investors looking to diversify their portfolios with real estate but lack the equity or experience to do it on their own. Unlike with REITs, investors will have the opportunity to see, touch, and feel the property before they choose to invest, Bradford says. Other members of the team include Jose Luis Bouvet, who focuses on multifamily projects throughout San Diego County, and Celso Tomas Jimenez, who represents investors from Mexico.
EXECUTIVE NEWS
BioMed Realty Trust appointed former Bank of America exec Janice Sears to its board of directors. During her 20-year tenure, she had simultaneous roles as managing director, Western Region head for Banc of America Securities' Real Estate, Gaming & Lodging Investment Banking Group and BofA's San Francisco market president. She also served as head of client management for the commercial real estate group in California, overseeing relationships with REITs, homebuilders and opportunity funds.
