Buchanan Street Grabs Four-Building Office Portfolio in Las Vegas Metro Market for $27.8 Million

LAS VEGAS – June 18, 2018 – A four-building, multi-tenant office portfolio totaling 158,341 square feet (sf) situated on nearly 14 acres in the Las Vegas suburb of Henderson, Nevada has sold to an investor. Newport Beach, California-based Buchanan Street acquired the properties located at 2300 & 2310 and 2340 & 2350 Corporate Circle for $27.8 million. Collectively known as Green Valley Corporate Center North—Tech Park V and VI, the assets are part of a larger, massive high class regional real estate portfolio that is being sold by American Nevada Company. American Nevada Company was represented by Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego who both primarily focus on larger, best in class, institutional office and industrial investment sales in the Las Vegas, San Diego, and Phoenix markets. Cushman & Wakefield’s Geoffrey West, Jayne Cayton, and Michael Dunn based in Las Vegas also performed local [...]

2018-06-18T17:06:59+00:00 June 18th, 2018|In the News|

North San Diego Industrial Building Sold for $6.2 Million as part of 1031 Exchange

SAN DIEGO, Calif. – June 7, 2018 – A fully leased 36,962-square-foot industrial property situated on 4.76 acres in Vista, California has traded for $6.2 million. Commonly known as Vista Pointe Plaza, the multi-tenant building is located at 2420 Grand Ave. in northern San Diego and was acquired by a private equity investor based out of neighboring Orange County. The property was the buyer’s upleg of a 1031 Exchange. The seller was American Properties I, LLC. Mark Avilla and Peter Curry of the firm’s Private Client Investment Advisors team in San Diego, together with Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets services also based locally represented both parties in the sale. Mike Mulvehill of American Property Enterprises said, “We are extremely pleased with the combined effort and experience Cushman & Wakefield’s Private Client and Capital Markets teams brought to this transaction—they worked seamlessly together and were effective in making this [...]

2018-06-07T16:31:21+00:00 June 7th, 2018|In the News|

Fully Leased, Renovated Multi-Tenant Office Asset in Central San Diego Sells for $17.9 Million

SAN DIEGO, Calif. – May 22, 2018 – A fully leased 61,227-square-foot multi-tenant office building located at 12230 World Trade Dr. in the Rancho Bernardo community of San Diego, California has sold for $17.9 million. San Diego-based Cal-Sorrento LTD acquired the recently renovated, two-story building situated on 4.85 acres from Palisades Property Trust. Jeffrey Cole, Rick Reeder, Ed Hernandez, Brad Tecca, and Nico Napolitano of Cushman & Wakefield Capital Markets services in Southern California represented the seller in the transaction. “12230 World Trade is a well-maintained, institutional quality asset positioned along the Southern California coast, located in close proximity to numerous amenities, including two large retail centers, and housing,” said Mr. Cole, Vice Chairman. “The property is 100% leased to four tenants, providing secure tenancies and strong in-place revenue. The tenancy is characterized by primarily technology and healthcare focused companies.” He added, “Originally developed in 1989 and renovated in 2016, the property reflects a newer [...]

2018-05-22T14:06:41+00:00 May 22nd, 2018|In the News|

San Diego’s First-Ever Creative Ground-Up Mixed-Use Development, ‘lift’, Announces First Tenant

SAN DIEGO Calif. – April 25, 2018 –  lift, San Diego’s first-ever creative mixed-use ground-up development, has announced its first tenant. Ezoic, a leading artificial intelligence platform for publishers, pre-leased a total of 19,620 square feet (sf) at the brand new development in Carlsbad (North San Diego), California that is owned and currently being constructed by RAF Pacifica Group. Ezoic will occupy the entire second floor in Building A plus additional office space in Building B. Project delivery is expected in the second quarter of 2018. Aric Starck of Cushman & Wakefield’s San Diego offices represented the landlord and Steven Field also of the firm’s local offices represented the tenant in the transaction. “An acclaimed company, Ezoic is a great way to kick-off tenancy at lift and we’re thrilled they’ve committed to being part of our new community for many years ahead,” said Mr. Starck, Executive Managing Director. “This transaction really helps set the [...]

2018-04-26T12:05:44+00:00 April 26th, 2018|In the News|

San Diego Industrial Market Fundamentals and Outlook Remain Strong, says Cushman & Wakefield Q1 2018 Report

SAN DIEGO, Calif. – April 16, 2018 –  According to Cushman & Wakefield’s newly released Q1 2018 market report, San Diego’s industrial market fundamentals remain strong. Statistically speaking the market appeared to have calmed to begin 2018—at least for the moment—as vacancy dipped just a nudge at 4.8% while occupancy growth was a moderate 88,600 square feet (sf). The tempered but positive activity in San Diego’s industrial sector followed what was a white hot 930,000 sf of occupancy growth observed during July to December of 2017.  However, behind the surface of the first quarter statistics there is still a lot happening, which leads the firm to maintain its positive outlook. Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego, said, “Overall vacancy has hovered the 5% mark for the past 10 consecutive quarters, and though settling the past few months, is still at a new all-time low according to our 15-year tracking. [...]

2018-04-16T17:18:26+00:00 April 16th, 2018|In the News|

San Diego Office Market Continues Path of Growth to Kickoff 2018

SAN DIEGO, Calif. – April 10, 2018 – San Diego’s office market kicked off 2018 on stable footing as vacancy continued to decline while occupancy showed further improvement, according to Cushman & Wakefield’s latest market report. Countywide vacancy shed another 40 basis points (bps) since year-end 2017 to close the first quarter of 2018 at 12.9%, its first appearance below 13% since the third quarter of 2006. Meanwhile, occupancy finished with a moderate 65,000 square feet (sf) of positive net absorption. “After achieving 1 million sf of occupancy growth in the latter half of 2017, fueled by a remarkable third quarter, San Diego’s office sector throttled a bit during the opening months of 2018, but still maintained its positive momentum—representing its 15th consecutive quarter of occupancy gains,” said Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego. “With the exception of 2017’s robust 456,000 sf of positive net absorption, in recent years the [...]

2018-04-10T16:42:45+00:00 April 10th, 2018|In the News|

Cushman & Wakefield Self Storage Practice Group Announces First Quarter 2018 Closings across California

April 9, 2018 –  Cushman & Wakefield announced it completed the sale of three separate self storage transactions across California during the first quarter of 2018 totaling $84.5 million in value and more than 340,000 rentable square feet (rsf). The transactions consisted of: Magellan Storage – Commerce is a Class A, institutional quality asset located in central Los Angeles and totals in excess of 140,000 rsf. The property was purchased by a joint venture between US Storage Centers, a national self storage operator, and an institutional private equity firm.  Cushman & Wakefield’s Greg Wells of the firm’s Self Storage Practice Group and David Hasbrouck of the firm’s Capital Markets group in Los Angeles handled the transaction on behalf of the seller. Storage Solutions - San Jose is a converted warehouse building located in the Diridon Station area of downtown San Jose. The project was purchased by a joint venture between Trammel [...]

2018-04-09T18:42:22+00:00 April 9th, 2018|In the News|

Cushman & Wakefield Private Client Team Brokers Off-Market Sale in Carlsbad Village for $3.34 Million

SAN DIEGO, Calif. – April 5, 2018 – Orange Land Holdings, LLC, a San Diego-based investor, has acquired the Jefferson Professional Building in Carlsbad Village (San Diego), California for $3.34 million. Located at 2910 Jefferson St., the asset consists of a two-story 10,904 square-foot, Class B office/medical building in the heart of the seaside community of Carlsbad. Peter Curry of Cushman & Wakefield represented the buyer and Mark Avilla of Cushman & Wakefield represented the seller in the off-market transaction. Bob Cowan also of the firm performed market advisory. “Jefferson Professional Building presented the buyer with a highly desirable opportunity to acquire and reposition an existing multi-tenant office/medical building positioned in the heart of the iconic beach area known as Carlsbad Village,” said Mr. Avilla. “With 60% rollover in the property within the initial two years, the Buyer has the potential to take advantage by increasing rents and creating value.” The two-story building is [...]

2018-04-05T13:33:49+00:00 April 5th, 2018|In the News|

Empire Centre in San Diego Sells for Nearly $13.7 Million

SAN DIEGO, Calif. – March 28, 2018 – The 132,661-square-foot (sf) Empire Centre in San Diego, California’s Otay Mesa submarket has traded for $13.675 million. National investor TA Realty of Newport Beach acquired the two-building, multi-tenant warehouse/distribution facility from Kavenish LTD. The Class A project was approximately 95% leased at time of sale. Cushman & Wakefield investment specialists Bryce Aberg, Jeffrey Cole, Jeff Chiate, Ed Hernandez, Ryan Spradling and Brant Aberg represented the seller. “A highly functional multi-tenant industrial park, Empire Centre is recognized among the finest properties of its kind in Otay Mesa, and displays both exceptional quality and an attractive financial profile which are very attractive investment points,” said Bryce Aberg, Executive Director. “The project has been meticulously maintained since its construction in 1999 and its distinguished corporate image has greatly contributed to its high historical occupancy and high quality tenant base.” Empire Centre consists of two Class A distribution/warehouse buildings located [...]

2018-03-29T14:16:19+00:00 March 28th, 2018|In the News|

San Diego’s Governor Plaza Commands Price over $10.8 Million

SAN DIEGO, Calif. – March 14, 2018 – Governor Plaza, a premier small-tenant office building located in San Diego’s desired Governor Park community, has sold to an investor for $10.825 million. Performance Wealth (HNW) acquired the 38,617-square-foot (sf) two-story, multi-tenant building from Shoreham Place LLC. Rick Reeder and Brad Tecca with Cushman & Wakefield’s Capital Markets services in San Diego represented the seller. Bill Cavanagh and Mike Novkov of the same local office also performed market advisory in the sale, and have also been retained by the new owner to continue leasing services for the property. Mr. Reeder, Executive Managing Director, said, “Ideally positioned within San Diego’s famed ‘Golden Triangle’, Governor Plaza was 100% leased at the time of sale to a highly diversified tenancy—consisting entirely of sub 5,000 sf users—which combines with a well-balanced rollover profile to provide the buyer with secured income and cash flow protection.” He added, “Leasing opportunities are particularly [...]

2018-03-15T12:21:32+00:00 March 14th, 2018|In the News|