State of the Art Industrial Building Sells for $8.5 Million in Sale/Leaseback in Strong Otay Mesa Submarket

Photo Source: CoStar SAN DIEGO, Calif., December 11, 2019 – Cushman & Wakefield today announced the firm has represented both buyer and seller in the off-market investment sale of a 59,760-square-foot Class A industrial building for $8.47 million in Otay Mesa (San Diego), California. The building is fully occupied by Johnson Otay LLC dba Johnson Storage & Moving Co, which sold the property to Eastgroup Properties in a sale/leaseback. Bryce Aberg, Brant Aberg, Jeffrey Cole and Jeff Chiate with Cushman & Wakefield’s San Diego and Orange County offices handled the transaction on both sides. Brant Aberg, SIOR, Executive Director, said, “Situated within the Siempre Viva Business Park, the property represents a state of the art distribution/warehouse facility located in a strong Otay Mesa submarket. This sale/leaseback presented a great opportunity for the buyer to acquire a high quality asset with a built-in income stream, while allowing the seller/occupant [...]

2019-12-12T14:32:23-05:00December 12th, 2019|In the News|

Creative Carlsbad Campus, Element, Sold for $23.1 Million

SAN DIEGO, Calif., November 15, 2019 – Cushman & Wakefield announced today that Element, a multi-building 83,212-square-foot campus in Carlsbad (San Diego), California has sold for $23.1 million. Nelli-Regen Three, LLC acquired the creative industrial / research and development complex from Alvarez & Marsal Capital Real Estate, LLC. The property was 100% leased to seven tenants at the time of sale. Aric Starck, Vice Chairman with Cushman & Wakefield San Diego represented the seller in the transaction. Starck said, “Element provided an opportune investment of a rare, fully leased multi-tenant property in the prestigious Carlsbad Research Center within the desired Carlsbad submarket. The campus has recently completed significant creative office renovations to meet today’s demand, while the diverse tenant roster consists of market-leading technology, action sports, apparel, and medical device companies.” Starck added, “Adding to the attractiveness, currently, no new spec creative or multi-tenant flex-industrial product is under construction in [...]

2019-12-02T20:00:20-05:00December 2nd, 2019|In the News|

Cushman & Wakefield Advises Sale of Kearny Mesa Trophy Asset, Terraces

205,700 SF Class A Office Building Perched Above I-805/Hwy 52 Fully Leased SAN DIEGO, Calif., November 12, 2019 – Cushman & Wakefield today announced it has advised a global real estate investment manager in the disposition of a 205,725-square-foot trophy office building in Kearny Mesa (San Diego), California. The six-story Class A building referred to as Terraces is located at 5887 Copley Dr. and was 100% leased at the time of sale. The buyer and price are confidential. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego represented the seller, with Brett Ward and Michael Cassolato of the firm providing market advisory. Tecca, Executive Director, said, “San Diego generally, and Kearny Mesa specifically, is experiencing robust investor demand for quality office opportunities, similar to Terraces. The Terraces offering was well received by a wide range of investors given its credit tenant rent roll, no near-term [...]

2019-11-25T15:05:15-05:00November 25th, 2019|In the News|

ZTelco Acquires Building in Poway Business District for New HQ

Photo courtesy of CoStar SAN DIEGO, Calif., October 29, 2019 – Cushman & Wakefield announced today that ZTelco, a fast-growing phone and internet service provider, has acquired a freestanding 8,772-square-foot building in Poway (San Diego), California for its new headquarters. The property at 12585 Kirkham Rd. sold for $2 million and will make way for ZTelco’s new office space, a new warehouse, and house a static microwave receiver tower capable of delivering fiber internet speeds to businesses and large residential facilities within line-of-sight. Gregory Hooker and Brant Aberg of Cushman & Wakefield represented ZTelco. The seller was an engineering firm represented by Weston Yahn of Cushman & Wakefield and Connor Wieck of Voit Real Estate Services. “This is a very well-maintained industrial facility providing a great working environment in the heart of Poway’s business district, that will both accommodate ZTelco’s own growth needs in San Diego, while fulfilling [...]

2019-11-04T12:56:32-05:00October 30th, 2019|In the News|

22-Acre San Diego Site Entitled for Nearly 1,000 New Housing Units Sold to GH Palmer Associates’ Affiliate

Cushman & Wakefield Co-Represents Seller in Transaction in Mission Gorge SAN DIEGO, Calif., October 28, 2019 – Cushman & Wakefield announced today the firm has co-advised the sale of 22.69 acres of land in Mission Gorge (San Diego), California acquired by Palmer Mission Gorge Properties LP, an affiliate of GH Palmer Associates of Beverly Hills, California. Located at 6910 Mission Gorge Rd., the property consists of four parcels collectively entitled for the development of 996 new residential units. Entitlements also call for 37,500 square feet of commercial/office/retail space, and open space with approximately 5.30 acres of neighborhood parks. The property is currently utilized for light industrial businesses. The sellers were two private families with long time ties to the area, represented in the transaction by Kevin Nolen, Tim Winslow and Jason Kimmel, a team of local land and multifamily specialists with Cushman & Wakefield, together with Mark Marquez of Pacific [...]

2019-10-28T12:00:59-04:00October 28th, 2019|In the News|

San Diego Industrial Market Takes Another Hit, but 2019 Still Positive

SAN DIEGO, Calif., October 23, 2019 – After absorbing an astronomical more than 700,000 square feet (sf) from the market on a net basis last quarter, San Diego’s industrial market took a small step backward in reporting a negative 173,800 sf of net absorption in the third quarter of 2019. Despite two of three quarters this year (Q1 and now Q3) returning negative growth figures, the silver lining is due to that blistering second quarter, the year still sits at more than 500,000 sf of occupancy growth. Bryce Aberg, Executive Managing Director with Cushman & Wakefield in San Diego, said, “While we have distanced ourselves further from the robust 2 million square feet of occupancy growth in 2018, going into the final quarter of 2019 with over a half million square feet of growth is still a very respectable level—and with a fair amount of positive absorption in Q4 we’d [...]

2019-10-23T13:33:20-04:00October 23rd, 2019|In the News|

Bob Cowan Wins 40 Under 40 Award at SD Metro Magazine’s Special 20th Annual Event

Cushman & Wakefield is thrilled to congratulate Bob Cowan, Director in San Diego who was recently honored with San Diego Metro Magazine’s prestigious 40 Under 40 Award. The special occasion marked the local publication’s 20th annual 40 Under 40 Awards event, with recipients recognized by the magazine at a luncheon on October 1 at the Sheraton Hotel & Marina on Harbor Island. Bob specializes in institutional property leasing, owner user sales and tenant representation. He and his team are currently responsible for more than 2 million square feet of office space in North County, with tenant representation assignments in both north and central San Diego markets. In the past 10 years, Cowan has been instrumental in some of North County’s most notable real estate transactions that have contributed to the economic health of the region. For more about San Diego Metro’s 40 Under 40 Awards and to view all 2019 [...]

2019-10-18T13:02:47-04:00October 17th, 2019|In the News|

San Diego Office Market Headed for 10th Straight Growth Year

Outlook Remains Upbeat for Thriving Region, following Slim Occupancy Loss in Q3 SAN DIEGO, Calif., October 16, 2019 – Cushman & Wakefield San Diego’s new office market report for the third quarter of 2019 reflected ongoing stability in San Diego’s office sector. Overall office vacancy came in at 14.0% for the quarter, with direct vacancy at 11.8%. Net absorption did come in at a marginally negative 73,000 square feet (sf), nonetheless, despite the shallow dive the report indicates 2019 still remains at a very solid level with a net positive 575,000 sf year to date, as the growth cycle continues. Indicative of demand for quality office space, the Class A segment has racked up more than 900,000 sf of growth year to date in San Diego. Brett Ward, Executive Director with Cushman & Wakefield’s Office Division in San Diego, said, “There are still several large occupancies in the traditional and [...]

2019-10-16T13:37:26-04:00October 16th, 2019|In the News|

Cushman & Wakefield San Diego Offers Real-World Exposure to Several Interns this Summer

Firm's National Internship Program Offers Mentorship and Industry Experience SAN DIEGO, Calif., October 9, 2019 – Cushman & Wakefield San Diego is proud to announce the firm provided eight interns an opportunity to take part in its coveted internship program this past summer. The local effort was part of Cushman & Wakefield’s broader National Internship Program, which offers interns real-world exposure to Cushman & Wakefield and the industry through work projects, mentorship by colleagues, including members of the Cushman & Wakefield Future Leaders (CWFL) Employee Resource Group, and networking events. Larry Cambra, Cushman & Wakefield’s Market Director of Brokerage for San Diego, said, “Our program provides a unique opportunity for students to work with our talented and elite brokerage team in San Diego. We find it both important and valuable to always be thinking about the next generation and exposing them to our firm, culture and business. Not only can [...]

2019-10-09T17:22:22-04:00October 9th, 2019|In the News|

Carlsbad’s Roosevelt Apartment Complex Sells for $2.7 Million

SAN DIEGO, Calif., September 18, 2019 – Cushman & Wakefield announced today the firm has brokered the sale of the Roosevelt Apartments, a 10-unit apartment complex in Carlsbad (San Diego), California. Located at 3366 Roosevelt St. and consisting entirely of 1-bedroom units, the complex sold for approximately $2.72 million, or precisely $271,850 per unit. The seller was The Glenn Goldman Family Trust and the buyer was 3366 Roosevelt LLC. Ray Adams and Clark Rorbach, multifamily investment specialists with Cushman & Wakefield’s San Diego office, represented both buyer and seller in the transaction. Located in San Diego’s North County, the Roosevelt Apartments complex is conveniently located right off Carlsbad Village Dr., walkable to shopping, dining, and the many amenities at Carlsbad Village. The property is also just a few blocks from the beach and a short distance to Interstate 5.   About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is [...]

2019-09-18T13:49:23-04:00September 18th, 2019|In the News|