7-Unit Apartment Complex in Point Loma Sells for $2.1 Million

Cushman & Wakefield Represents both Parties in Transaction SAN DIEGO, Calif., September 16, 2019 – Cushman & Wakefield announced today the firm has brokered the sale of a 7-unit apartment complex in the Point Loma neighborhood of San Diego, California. The property is located at 3020 Macaulay St. and consists of (4) 1-bed/1-bath units and (3) 2-bed/2-bath units. The two-story complex sold for $2.1 million, or $300,000 per unit. The seller was a private investor and the buyer was 3020 Macaulay, LLC. Ray Adams, Clark Rorbach and Michael Biddick, multifamily investment specialists with Cushman & Wakefield’s San Diego office, represented the seller in the transaction. Rorbach and Adams also represented the buyer. The property was originally constructed in the late 1950s and was recently renovated with new countertops, cabinetry, flooring and bathrooms within each unit, along with light exterior upgrades. There is also partially covered parking. Point Loma is a [...]

2019-09-16T18:01:51-04:00September 16th, 2019|In the News|

Cushman & Wakefield’s Brant Aberg Honored as San Diego Business Journal 40 Under Forty Biz Leader

Cushman & Wakefield is pleased to announce that Brant Aberg of the firm’s San Diego office has been recognized by the San Diego Business Journal as a Top 40 Business Leader Under Forty for 2019. In the first half of 2019 (year-to-date), Brant has already completed 87 transactions encompassing more than 1 million square feet and an estimated value of over $200 million. The inclusion of which represents some of the largest transactions in the county YTD. This comes on the heels of a robust 2018 performance in which Brant completed 175 transactions totaling more than 3.7 million square feet with an estimated value of $330 million.  In the most recent 5-calendar-year period (2014-2018), Brant transacted over 1,040 transactions totaling nearly $1.5 billion in consideration, or an average of over 200 deals and $300 million in value per annum. Brant is an industry-leading services provider who is passionate, committed and [...]

2019-09-11T12:18:07-04:00September 11th, 2019|In the News|

Cushman & Wakefield Team Integral Part of New Apartment Housing Development in San Diego

Local Team Involved in Deals Equating to 43% of New Multifamily Housing Units in Downtown San Diego alone SAN DIEGO, Calif., September 9, 2019 – A veteran team of land and multifamily specialists with Cushman & Wakefield’s San Diego offices is having an integral role in San Diego’s new multifamily housing stock. Consisting of local experts Tim Winslow, Jason Kimmel, Kevin Nolen and Kacey Cook, the Cushman & Wakefield team has recently negotiated or is actively negotiating the sale of dozens of land/commercial sites across San Diego that, combined, are destined to result in the development of 5,253 new residential units, most of which are planned as for-rent apartments. To put this figure into perspective, Yardi Matrix has reported that there were 4,243 apartment construction starts/completions in the San Diego market during 2018. With an idyllic climate and coastal atmosphere together with a fun, diverse mix of experiences for people [...]

2019-09-10T14:29:27-04:00September 9th, 2019|In the News|

Liberty National Acquires Prominent Downtown San Diego Site to Develop new 40-story MXU Project featuring 640 Housing Units

Cushman & Wakefield Advises Sale of former Salvation Army Property SAN DIEGO, Calif., September 5, 2019 – Cushman & Wakefield announced today the firm has advised the sale of 0.69 acres (30,000 square feet) of land prominently located at the intersection of Park Boulevard and Broadway in downtown San Diego’s East Village. Liberty National Corporation acquired the property from the Salvation Army. A Cushman & Wakefield sales team including Tim Winslow, Jason Kimmel and Kevin Nolen, who specialize in multifamily and land sales in the San Diego region, handled the transaction. The site is part of a larger assemblage of properties totaling 1.38 acres (60,182 square feet) in one full block that Liberty previously acquired and plans to redevelop into a new Class A mixed-use project totaling 640 residential units plus commercial space. Consisting of a single tower and two podium buildings, the project site is bounded by Park Boulevard, 13th [...]

2019-09-05T17:26:44-04:00September 5th, 2019|In the News|

Cushman & Wakefield San Diego’s Michael Cassolato a 2019 Connect Media Next Generation Award Winner

Cushman & Wakefield San Diego is proud to announce that our own Michael Cassolato has been selected as one of Connect Media’s 2019 Next Generation Award Winners, for the California market. Connect Media’s third annual Next Generation Awards recognize young leaders in the commercial real estate industry who are likely to be influential for years to come. Michael Cassolato is the youngest Senior Director with Cushman & Wakefield in San Diego, specializing in institutional office leasing throughout the San Diego region. He brings expertise in institutional landlord representation, focusing primarily on Central San Diego submarkets. He’s acquired an acute knowledge of the marketplace, and become a trusted advisor to both national and local landlords. During 2018, Cassolato was involved in lease and sale transactions totaling nearly 540,000 square feet and $200 million in value. The deals, which he brokered last year, consisted primarily of Class A and creative office product [...]

2019-08-27T13:03:30-04:00August 26th, 2019|In the News|

San Diego Medical/Office Vacancy Hits Lowest Point since 2006, Occupancy Still Rising

Key Findings from Cushman & Wakefield Healthcare Advisory Practice Report SAN DIEGO, Calif., August 19, 2019 – Cushman & Wakefield’s Healthcare Advisory Practice in San Diego has released its second quarter 2019 medical office market report for the San Diego region. Below are the key findings from this report plus local expert commentary: VACANCY CONTINUES TO TIGHTEN, ASK RENTS INCH UPWARD San Diego’s overall countywide medical office vacancy stood at just 6.0% at mid-year 2019, while net absorption was a positive 23,000 square feet (sf) in the second quarter. With virtually equivalent growth in the first two quarters, San Diego’s medical office market occupancy has gained 40,000 sf year-to-date. Joe Zurek, Senior Associate with Cushman & Wakefield’s Healthcare Advisory Practice in San Diego, said “Now at just 6.0%, countywide medical office vacancy has reached its lowest point since 2006, and is 800 basis points below its peak vacancy of 14.0% [...]

2019-08-19T18:47:23-04:00August 19th, 2019|In the News|

Class A Industrial Building in Carlsbad Sells for $7.3 Million

Cushman & Wakefield Advises Sale of Vacant North San Diego Asset SAN DIEGO, Calif., August 12, 2019 – Cushman & Wakefield announced today the firm has advised the sale of a 40,831-square-foot (sf) Class A industrial property in Carlsbad (San Diego), California. The vacant asset located at 1964 Kellogg Avenue was acquired by Chicago-based First Industrial Acquisitions II, LLC for $7.3 million. The seller was the Gemological Institute of America, Inc., the property’s former occupant who vacated the building earlier this year. Aric Starck of Cushman & Wakefield’s Carlsbad office represented the seller in the transaction. The buyer was self-represented. “1964 Kellogg is a best in class, single-tenant facility with an efficient design highly conducive to distribution, e-commerce and manufacturing uses,” said Starck, Vice Chairman. “Situated in North San Diego County, this freestanding asset features industrial efficiencies not seen by its peers and is ideally sized and well positioned to [...]

2019-08-12T12:32:39-04:00August 12th, 2019|In the News|

Cushman & Wakefield | Chaney Brooks Advises Sale of 45-Acre Kauai Organic Farms

Pacific Organics Acquires Property, Plans to Continue with Successful Farm Legacy HONOLULU / SAN DIEGO, August 8, 2019 – Cushman & Wakefield | Chaney Brooks announced today the firm has advised the sale of Kauai Organic Farms, a 44.63 acre agricultural property situated in Kilauea, Hawaii. One of the most profitable organic farms in Hawaii, Kauai Organic Farms is a grower and wholesaler of high-quality organic turmeric, Hawaiian yellow ginger and galangal. The buyer was Pacific Organics, Inc., a Hawaii Corporation, which acquired the property along with the business for an undisclosed price. The seller was The Green Family. Anthony Provenzano with Cushman & Wakefield | Chaney Brooks in Honolulu represented the seller in the transaction. Matt Davis, Curtis Buono, and Terry Jackson of Cushman & Wakefield’s Agribusiness Solutions Team in San Diego provided advisory services. The team members are all part of the firm’s Land Advisory Group. “Pacific Organics [...]

2019-08-08T17:31:57-04:00August 8th, 2019|In the News|

Apartment Complex in Heart of Downtown Oceanside Sells for $3.8 Million

Cushman & Wakefield Represents Seller in Transaction SAN DIEGO, Calif., August 8, 2019 – Cushman & Wakefield announced today the firm has advised the sale of a 12-unit apartment complex in downtown Oceanside (San Diego), California for $3.8 million. Located at 202 S. Nevada St. in the heart of downtown, the property was acquired by Home 619, LLC. The seller was Goldman Family Trust. Cushman & Wakefield multifamily experts Ray Adams and Clark Rorbach in San Diego represented the seller in the transaction. The buyer was represented by Brian Yui of Home Rebate. The seller, also with the assistance of Ray Adams and Clark Rorbach, will be combining the proceeds from this disposition together with other sales to exchange into one larger multifamily investment. And the purchaser had sold eight individual condominium units at other properties to be able to exchange into this Oceanside building. Ray Adams said, “202 S. [...]

2019-08-08T12:55:09-04:00August 8th, 2019|In the News|

San Diego Industrial Occupancy Skyrockets in Q2 2019

Cushman & Wakefield Releases New Q2 Report, plus Five Fast Facts Infographic SAN DIEGO, Calif., August 1, 2019 – Cushman & Wakefield’s research department has released their second quarter 2019 industrial market report for San Diego. Below are the key findings from this report plus local expert commentary: OCCUPANCY THRUSTS UP, VACANCY FALLS San Diego’s industrial market racked up 706,000 square feet (sf) of positive net absorption in the second quarter, which after virtually flat occupancy growth to start the year placed midyear growth at nearly 700,000 sf. The skyrocketing Q2 figure ranked well above the five-year quarterly growth average of 423,000 sf—also considered a strong level—and was also the highest quarterly growth in nearly a year. With six months still to go, 2019 is on pace to finish midway between 2016 and 2017’s sub 1 million square feet (msf) of growth each and 2018’s lofty 2 msf growth. Bryce Aberg, [...]

2019-08-01T13:08:38-04:00August 1st, 2019|In the News|