24 Hour Fitness Stepping into 38,000 SF at San Carlos Village in San Diego

SAN DIEGO, Calif., October 17, 2018 – The San Carlos Village shopping center in east San Diego, California has landed new anchor tenant 24 Hour Fitness. The global fitness chain leased 38,000 square feet (sf) of space directly from the center’s landlord, JH Real Estate Partners. Joining a vibrant roster of tenants, 24 Hour Fitness will be backfilling the former LA Fitness space. Bruce Schiff, CCIM, Phil Lyons, CCIM and Chad Iafrate, CCIM with Cushman & Wakefield’s Retail Services in San Diego represented the landlord in the transaction. Mr. Iafrate, Senior Director, said, “In just a little over two years, JH Real Estate Partners together with Athena Property Management and Cushman & Wakefield have worked closely together to reimage and revitalize San Carlos Village by upgrading the storefront façade as well as stepping up its anchor-tenant lineup by having recently secured major brands including Aldi and now 24 Hour Fitness [...]

2018-10-17T15:48:33+00:00 October 17th, 2018|In the News|

Office Growth Trend Continues in San Diego while New Construction Leads to Bump in Vacancy

Sun setting lights up the buildings on San Diego seafront in HD SAN DIEGO, Calif., October 9, 2018 – Cushman & Wakefield’s newly released office market report for San Diego showed overall market fundamentals remain on solid ground in the desirable Southern California coastal region. Office occupancy grew another 244,000 square feet (sf) across all classes, bringing year-to-date net absorption to over 585,000 sf. After a slow start to the year, the past two quarters have now averaged approximately 260,000 sf of growth—which based on anticipated office job growth for 2018 is also more along the firm’s expected absorption path for this year. On the flip side, vacancy did report its first quarterly increase in more than two years but there was a good and expected explanation for that. Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego, said “San Diego’s office vacancy ended the third quarter [...]

2018-10-09T18:49:05+00:00 October 9th, 2018|In the News|

RAF Pacifica Group Sells 1 MSF Class A Industrial Portfolio in San Diego for $170 Million – Cushman & Wakefield Represents Seller in Largest San Diego Sale in Last Decade

SAN DIEGO, Calif., September 28, 2018 – RAF Pacifica Group has successfully completed the disposition of a premier industrial portfolio totaling more than 1 million square feet of Class A assets in San Diego County, California for approximately $170 million. The buyer was undisclosed. The portfolio consists of 12 institutional-quality core industrial assets spread throughout the northern county cities of Carlsbad (3 projects), Vista (4 projects), San Marcos (3 projects), plus nearby Temecula (2 projects). Aric Starck, Executive Managing Director with Cushman & Wakefield’s San Diego office, represented the seller in the transaction. The buyer was self-represented. Mr. Starck said, “The RAF Portfolio is a dynamic collection of industrial assets strategically located throughout the region. Featuring the ideal combination of quality and efficiency, the portfolio incorporates a remarkable mix of existing core assets, fully renovated warehouse/distribution centers, as well as newly developed state-of-the-art projects. Each asset is strategically positioned in [...]

2018-09-28T14:59:06+00:00 September 28th, 2018|In the News|

Cushman & Wakefield Self Storage Practice Group Announces Sale of Development Site in North Seattle

SEATTLE, Wash. – September 20, 2018 – Cushman & Wakefield announced it has completed the sale of a fully entitled, ready to build self storage site in the North Seattle city of Shoreline, Washington. The site totals 41,000 square feet of land and is approved to build approximately 77,000 rentable square feet of Class A, institutional quality, heated space. The site is located on Aurora Ave North and offers tremendous visibility and accessibility in a dynamic, growing trade area. The buyer was Baranof Holdings, LLC in a joint venture with an institutional equity partner.  Greg Wells and Jim Lewis with Cushman & Wakefield’s Self Storage Practice Group handled the transaction on behalf of the seller, Lake Union Partners, a private development firm based in Seattle. "The self storage market continues to see strong demand from all capital sources,” said Wells, Senior Director. "This transaction is an example of the continued appetite for [...]

2018-09-24T16:19:42+00:00 September 20th, 2018|In the News|

Whole Foods Property in Heart of Silicon Valley Fetches $55 Million

LOS ALTOS, Calif. – September 17, 2018 – A 50,451-square-foot retail property occupied by Whole Foods Market in Los Altos (Silicon Valley), California has sold for $55 Million. Imperial Hornet Developers, LLC acquired the freestanding property located at 4800 El Camino Real, one of the region’s primary thoroughfares, from Compass Grand Associates, LLC. Investment specialists Kevin Held and Matt McNeill with Cushman & Wakefield in San Diego represented the buyer in the transaction. The duo worked with Ron Goldie, a Los Angeles-based attorney who specializes in acquisitions, portfolio management, and dispositions for urban core, Class A real estate for high net worth private clients, and who acted as an investment advisor in leading negotiations for the buyer. “This is an irreplaceable, single tenant asset and a generational investment opportunity in the epicenter one of the best economies in the world,” said Mr. Held, Vice President. “The property was originally developed as a [...]

2018-09-17T19:20:49+00:00 September 17th, 2018|In the News|

293,800 SF Mira Mesa Distribution Center Sells in San Diego

SAN DIEGO, Calif. – September 13, 2018 – Mira Mesa Distribution Center, a 293,800-square-foot multi-building distribution park in San Diego, California, has been acquired by Orange County-based Sukut Real Properties. The multi-tenant industrial project is located in the heart of the Sorrento Mesa submarket and was sold by The Sickels Group. The Center resides on a ground lease, which has approximately 68 years remaining. Capital Markets brokerage specialists Bryce Aberg, Jeff Chiate, Jeffrey Cole, and Ed Hernandez with Cushman & Wakefield’s offices in San Diego and Orange County represented the seller in the transaction, along with brokers Dean Asaro and Brant Aberg also of the firm in San Diego serving as market advisors. Bryce Aberg, Executive Director, said, “Mira Mesa Distribution Center was a rare opportunity to acquire a sizable multi-tenant distribution project optimally positioned in the innovative Sorrento Mesa submarket, which due to its strong industrial profile makes it one of [...]

2018-09-13T16:51:41+00:00 September 13th, 2018|In the News|

Industrial Building in Escondido Sells for $3.6 Million – Cushman & Wakefield Brokers Sale and Retained for Leasing

SAN DIEGO, Calif. – September 12, 2018 – Orange County-based 4S Properties – Saddleback Associates has acquired a 20,783-square foot (sf) industrial building in Escondido (San Diego), California for $3.6 million. The freestanding property is located at 2063 Wineridge Place and was sold by VIT Properties, LLC. Chris Baumgart of Cushman & Wakefield’s San Diego office represented both parties in the sale. Mr. Baumgart said, “This was an excellent investment opportunity of a high image industrial facility offering great warehouse space which currently comprises 91% of the building, ample loading, and great clear height and power. The facility is well located in one of the best performing industrial submarkets in all of San Diego, as Escondido posted a vacancy of just 2.0% as of midyear 2018 per our latest market reports.” 2063 Wineridge Place is situated on 1.70 acres and was originally developed in 2000 as a build-to-suit for V.I.T Products. The [...]

2018-09-12T12:36:24+00:00 September 12th, 2018|In the News|

Encinitas Multifamily Properties Sell for $10 Million in Off-Market Deal

SAN DIEGO, Calif. – September 11, 2018 – A private investor has acquired a pair of multifamily properties totaling 24 units in Encinitas (San Diego), California for $10 million. Located within walking distance of one another, the properties consist of two identical two-story apartment structures located at 1237 and 1353 N. Vulcan Ave. The seller, the Joseph Family Trust, had owned and managed the properties since initially developing them in the 1970s. They eventually decided to sell them now as part of a 1031 Exchange in order to retire from management and keep a steady source of income. Multifamily investment specialists Clark Rorbach, Ray Adams and Will Creagan with Cushman & Wakefield’s San Diego office represented the seller in the transaction. During their career, the team has successfully negotiated hundreds of 1031 Exchanges involving multifamily properties, and drew on their expertise and experience to successfully complete this unique and complex transaction. Mr. [...]

2018-09-13T14:59:41+00:00 September 11th, 2018|In the News|

Maravai LifeSciences Expands Oligonucleotide Business, Leases New 95,000 SF Facility in San Diego for TriLink BioTechnologies

SAN DIEGO, Calif. – September 10, 2018 – Cushman & Wakefield announced today that Maravai LifeSciences, a leader in providing reagents to researchers, biotherapeutics manufacturers and OEM partners worldwide, plans to relocate and expand its TriLink BioTechnologies operations with the signing of a lease on a new facility in the Sorrento Valley area of San Diego. Ted Jacobs, who is based in San Diego and serves as Managing Director of Cushman & Wakefield’s Global Life Sciences Practices Group, represented Maravai in the transaction. The new facility will house the company’s current local staff of more than 150 and can accommodate growth to more than 350 R&D, commercial and manufacturing employees. The company’s current Good Manufacturing Practice (cGMP) production capabilities will also be relocated, validated and expanded. TriLink will be the lead tenant in the 180,000-square-foot building, which is located at 10770 Wateridge Circle. The company will begin its move in the fall [...]

2018-09-10T16:21:35+00:00 September 10th, 2018|In the News|

Newly Renovated Office Campus in San Diego Sells for Nearly $20 Million

SAN DIEGO, Calif. – September 10, 2018 – 35 North, a newly-renovated, multi-tenant office campus in Mission Valley, one of San Diego’s most vibrant and centralized submarkets, has sold to CIF Group for $19.75 million. Encompassing 94,701 square feet, the property consists of three low-rise office buildings located at 3530, 3550 and 3570 Camino Del Rio North. The sale also included the campus’ amenities building at 3522 Camino Del Rio North. The seller was a partnership between San Diego-based Cypress Office Properties and HighBrook Investors based in New York City, which was represented by Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets and Derek Hulse also of Cushman & Wakefield in San Diego.  In 2017 the seller had made extensive capital improvements to significantly enhance and modernize the campus which was originally developed in 1981. Mr. Tecca, Executive Director, said, “35 North was more than 85% leased to a [...]

2018-09-10T13:21:51+00:00 September 10th, 2018|In the News|