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|

San Diego Investment Market Slows in 2017, but Still Again ‘Above Average’

SAN DIEGO, Calif. – March 13, 2018 – For the third straight year, despite a slowdown from recent years, San Diego’s capital markets sector proved to be ‘above average’ according to Cushman & Wakefield’s year-end market report. Sales volume in San Diego for properties $10 million and greater reached $5.7 billion in 2017, lifted by a much more active second half. Total annual deal volume in San Diego has kept above the 15-year annual average of $4.7 billion for the last three consecutive years. “San Diego’s commercial real estate investment market transaction volume for properties $10 million and greater reached $5.7 billion in 2017, coming in a bit below the $6.7 billion transacted in 2016 and $6.6 billion in 2015 yet ahead of the level seen in 2014,” said Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego. “In 2017, sales volume for all product types combined declined by 14% year-over-year compared to [...]

2018-03-13T16:22:50+00:00 March 13th, 2018|In the News|

Chicago RE Firm Acquires Excel Centre in San Diego for $37.1 Million

SAN DIEGO, Calif. – March 6, 2018 – Excel Centre, a premier 83,213-square-foot (sf) medical office building in San Diego, California anchored by Kaiser Permanente has recently sold to Chicago-based MBRE Healthcare for $37.1 million. The property is located at 17140 Bernardo Center Dr. in Rancho Bernardo, an upscale master-planned community along Interstate 15 approximately 20 miles northeast of downtown San Diego. The seller was an institutional investor, which was represented by Rick Reeder, Brad Tecca and Travis Ives of Cushman & Wakefield’s San Diego office. The sale transpired in late 2017. Mr. Reeder, an Executive Managing Director who along with Mr. Tecca specializes in Capital Markets services, said, “The Class A asset comprises a highly desirable and rare investment profile that includes stable cash flow backed by financial strength. As the project’s sole and majority tenant occupying the first two floors, Kaiser’s recent expansion and lease extension within the building signals their long-term [...]

2018-03-06T19:09:54+00:00 March 6th, 2018|In the News|

Oceanside’s Pacific Gateway Towers Fetches over $14.9 Million

SAN DIEGO, Calif. – February 26, 2018 – Pacific Gateway Towers, a 68,748-square-foot, two-building Class A office and medical project in Oceanside (San Diego), California has sold for $14.94 million. Private Investor Charlie Jadallah acquired the property from IPF Tri City, LLC (Fenway Properties, LLC).  The sale price produced a cap rate of 7.37%. Investment specialists Mark Avilla, Rick Reeder and Brad Tecca of Cushman & Wakefield’s San Diego office represented the seller. The buyer was represented by Nick Totah of Marcus & Millichap. Matty Sundberg and Bob Cowan of Cushman & Wakefield also performed market advisory. Pacific Gateway Towers consists of two 4-story multi-tenant buildings on 5.16 acres and located at 3142 and 3156 Vista Way in San Diego’s desirable North County. IPF Tri City, LLC had purchased the project in 2014 at approximately 57% leased as a value add opportunity.  The project underwent significant renovations in 2015/2016 to reposition and then was [...]

2018-02-26T17:00:27+00:00 February 26th, 2018|In the News|

Oceanside’s Rancho Del Oro Commerce Center Sells in Off-Market Transaction for $12.75 Million

SAN DIEGO, Calif. – February 6, 2018 –   Courtyard Mira Mesa, LLC, an Irvine-based investor, has acquired Rancho Del Oro Commerce Center in Oceanside (San Diego), California for $12.75 million. The multi-tenant industrial project totals 93,160 square feet and consists of four single-story buildings located at 4055, 4059, 4061 and 4065 Oceanside Blvd.  The seller was MAJ Investors, LP. The transaction represented the Upleg of the buyer’s 1031 Exchange. Mark Avilla of Cushman & Wakefield’s San Diego office represented the buyer in the sale, with Josh McFadyen of Colliers International representing the seller. “The buyer was in an exchange after Cushman & Wakefield represented them in selling an office building in Sorrento Valley, and we were able to identify this great off-market opportunity in North County that was a perfect fit for their office and industrial portfolio,” said Mr. Avilla, a Senior Director. “Approximately 92% leased at the time of sale to a [...]

2018-02-06T18:48:03+00:00 February 6th, 2018|In the News|

Hobby Lobby to Anchor Oceanside’s College Plaza Shopping Center with 59,000 SF Lease

SAN DIEGO, Calif. – February 5, 2018 –   Hobby Lobby will serve as a new anchor at the College Plaza shopping Center in Oceanside (San Diego), California. The arts and crafts specialty retailer completed a lease for 58,646 square feet (sf) in the North San Diego County center and will backfill a significant anchor-tenant vacancy previously occupied by Dick’s Sporting Goods. College Plaza is owned by 95 College Plaza LTD, which was represented in the transaction by Bruce Schiff, CCIM and Andrew Peterson, retail specialists with Cushman & Wakefield’s San Diego offices. Mr. Peterson said, “This vacancy presented a rare anchor/big box opportunity along North County’s Highway 78 Corridor and successfully securing a major, growing retailer like Hobby Lobby, is a significant and beneficial  transaction for this center and  its continued long-term success." He added, “This was also a significant transaction for the greater marketplace as it represents one of the largest retail [...]

2018-02-05T18:08:20+00:00 February 5th, 2018|In the News|

Gateway at Torrey Hills in San Diego Sells for $105 Million

SAN DIEGO, Calif. – January 30, 2018 –  The prominent Gateway at Torrey Hills office complex in San Diego has sold to Orange County-based Irvine Company for $105 million. The Class A asset consists of two 4-story, multi-tenant office buildings totaling 197,862 square feet located at 3570 and 3580 Carmel Mountain Rd. in the county’s highly attractive Del Mar Heights community. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets group based in San Diego handled negotiations on behalf of the Seller, an institutional real estate investor. In addition, leasing specialists Brian Starck and Joe Anderson of the same office performed market advisory services. “This offering represented one of Southern California’s finest investment opportunities,” said Mr. Reeder, Executive Managing Director. “Gateway at Torrey Hills is a beautifully designed, trophy office campus strategically located in Del Mar Heights, one of San Diego County’s most desirable submarkets that offers top tier office space. The complex was approximately 80% [...]

2018-01-30T13:46:28+00:00 January 30th, 2018|In the News|

San Diego Retail Market Thrives in 2017: Occupancy Rises for Sixth Straight Year, Vacancy Falls to 4.1%

SAN DIEGO, Calif. – January 26, 2018 –  Cushman & Wakefield’s new 2H-2017 Retail market report revealed another thriving year in the retail sector, driven by continued declining vacancy and significant occupancy growth, particularly in the year’s second half. Fueled by continued strong economic conditions and favorable demographics, San Diego maintains its place as a premier market for current and expanding retailers. The firm’s new report showed that overall retail vacancy in San Diego fell to a mark of 4.1% by the end of 2017, shedding 30 basis points (bps) from mid-year 2017 and 40 bps from a year ago. Current vacancy is now more than 300 bps below its peak rate of 7.2% recorded eight years ago at the end of recession. Meanwhile, occupancy grew by nearly 210,000 square feet (sf) across all center types in the second half of 2017, lifting annual net absorption to nearly 270,000 sf for year 2017. “While [...]

2018-01-26T12:52:29+00:00 January 26th, 2018|In the News|

53 Acres of Prime Farm Land Sold in California’s San Joaquin Valley

TRACY, Calif. – January 23, 2018 –  A total of 53.31 acres of prime farm land in Tracy (San Joaquin), California has sold to multiple parties. Located at 18555 South MacArthur Dr., the agricultural asset consists of three separate parcels of 47.77 acres, 2.77 acres and 2.77 acres which included a conservative easement of 45 acres on the larger parcel (47.77 acres). There is also a single-family home of approximately 1,170 square feet onsite that consists of two bedrooms plus bonus room and one bath that was built in 1948. The total purchase price of all property was just over $1.23 million. The buyers consisted of three separate private individuals for each of the three land parcels and the San Joaquin Council of Governments acquired the conservation easement. The property will continue to be utilized for farming purposes. The seller was the Fagundes Family, which was represented by Matt Davis, Curtis Buono and Terry [...]

2018-01-23T17:05:18+00:00 January 23rd, 2018|In the News|