The Deal Sheet
While the hotel industry is abuzz over La Quinta Holdings' IPO, we've had our own La Quinta deal—in the city of the same name, that is. Pathfinder Partners has made its first hotel investment, snapping up a Homewood Suites at 45-200 Washington St.
The company, which partnered with Washington-based Vesta Hospitality, has launched a $1.8M property improvement program for the all-suites, extended-stay property. It's also fresh off of its 10th acquisition in Colorado: an 18-unit condo building with 2,700 SF of ground-floor retail in Denver's West Highland neighborhood. The company bought the property—which underwent a foreclosure sale in 2012 before selling any units (cut down in the prime of its life, we say)—from the successor owner for $4.2M and will operate it as a rental community.
SALES
Global Integrity Realty, a real estate investment and development company that does business as Universe Holdings Development, bought the 12-unit Sea Breeze condos in Carlsbad for $5.2M. The beachfront property (3150 Ocean St) was built in 1982 and is fully occupied. CBRE's Philip Buckley repped seller Holualoa Cos. The buyer repped itself.
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A 22-unit multifamily property at 3060 Suncrest Dr in San Diego traded hands for just over $4.5M. Colliers' Rita Lancaster-Hannah repped the buyer, who plans to operate the one- and two-bedroom condo units as apartments. The seller represented itself.
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Slater's Knoll bought a 7,065 SF retail building in San Marcos, 110 Knoll Rd, for just under $2M to convert to a Slater's 50/50 restaurant. The building formerly was occupied by Cool Hand Luke's, a steakhouse. (We would have guessed the menu featured hard-boiled eggs.) Location Matters Restaurant & Retail Brokerage's Mike Spilky repped both sides.
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Stahlman Family Properties bought a 1,700 SF retail/office space, 3959 30th St in San Diego, from RSS Plan Retirement Trust. Pacific Coast Commercial's Martin Alfaro repped the seller, while Palisades Realty's Tom Parashos repped the buyer.
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Express Corp, a provider of barcode and labeling solutions, bought a 21k SF industrial building in the Miramar area (9155 Trade Pl) for $2.8M for its new HQ and main manufacturing location. Cassidy Turley’s Glenn Arnold repped the buyer, and also repped seller TIG Real Estate Holdings with colleague Todd Murphy.
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TKB Properties bought a 17k SF, multitenant industrial property, 42044 Winchester Rd in Temecula, from Rashid Khan for $1.8M. The new owner plans to occupy 60% of the building as TKB Medical USA. Colliers' Mike Pappas, who repped the seller, notes Temecula Valley industrial prices have spiked 30% over the past year but buildings are still trading below replacement cost. Lee & Associates' Pat Lacey repped the buyer.
LEASES
Tillster, which provides ordering platforms for quick-service restaurants, signed a lease with Lincoln Property Co for 11k-plus SF in Cornerstone Heights Corporate Center. The 64-month lease at 5959 Cornerstone Court West is valued at $1.5M and brings occupancy to 91%. Colliers' Jay Diskin repped the tenant. Cassidy Turley's Brett Ward, Bill Cavanagh and Michael Cassolato repped Lincoln.
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Heritage Construction Co and sister company San Diego Tenant Improvements leased 4,161 SF of industrial/office space in Kearny Mesa (3959 Ruffin Rd) for a new HQ. Pacific Coast Commercial's Vince Provenzano and Shirley Kanamu repped the tenant. CBRE's Ryan Sparks, Bill Dolan, and Sean Williams repped landlord H.G. Fenton Property Co.
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Armada Backup Services leased 2,310 SF of office space at 6165 Greenwich Dr in Arden Realty's Governor Executive Centre I, bringing the building to 100% occupancy. Colliers' Tom Wilcox handled by transaction. Arden is the largest single office building owner in Governor Park, one of San Diego's smallest office building submarkets; it totals under 1M SF in 16 projects and is served by just two streets, Shoreham Place and Greenwich Drive.
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Consolidated Electrical Distributors leased a 24k SF industrial building, 8090 Arjons Dr in San Diego, bringing the six-building Miralani Business Park to 100% occupancy. Colliers' Evan McDonald repped landlord MBP Associates, while Vincent Gumina repped the tenant.
PROPERTY MANAGEMENT
Cassidy Turley's Southwest property management division has won its biggest assignment ever: a 1M SF, 12-building office portfolio that was acquired recently by Starwood Capital Group. The portfolio, which includes four buildings in Sorrento Mesa and eight in Rancho Bernardo, is 91% leased. The new contract brings Cassidy Turley to more than 6M SF under management locally, and nearly 35M SF in California and Arizona.
EXECUTIVE MOVES
Colliers promoted Derek Hulse and Evan McDonald to VPs in the San Diego office, and Chris Williams to associate VP in Carlsbad. Derek, who specializes in leasing and sales of Central San Diego office properties, completed $30M in deals last year. Evan sold or leased 400k SF of Central San Diego industrial and flex properties in 2013, while Chris focuses on the North County and I-15 Corridor office markets.
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Andrew Ewald joined CBRE's Occupier Services group as a VP, coming over from Cassidy Turley's tenant advisory service group, where he repped Qualcomm, Arrowhead General Insurance, and the Wounded Warrior Project, among others.
