Small Industrial Building Sold to Owner-User in North San Diego Achieves Record Pricing

  SAN DIEGO, Calif., November 14, 2018 – A freestanding 9,150-square-foot industrial building in Vista (San Diego), California has sold to an owner-user for $1.79 million. Ki’s Kitchens, a privately-owned commercial kitchen company based in North County, acquired the high image property located at 2530 Pioneer Ave. from BS Ventures, LLC. The buyer plans to relocate from its current location in neighboring Carlsbad. Chris Baumgart and Jeffrey Sallen of Cushman & Wakefield’s San Diego office represented the seller in the transaction. Baumgart said, “This is a desirable, well positioned building that made for an ideal purchase opportunity for a smaller operator. We generated multiple offers after only actively being on the market less than a month before securing a buyer.” Sallen added, “Exemplifying the ongoing strong demand and interest for this type of facility in our region, according to our tracking, the $195 price per square foot achieved [...]

2018-11-14T18:10:19+00:00 November 14th, 2018|In the News|

Cushman & Wakefield Represents American Nevada Company in Concluding Disposition of 1.2 MSF Southern Nevada Portfolio

San Francisco-based JMA Ventures Acquires Final Three Buildings totaling 162,940 SF LAS VEGAS/SAN DIEGO – November 13, 2018 – Cushman & Wakefield announced today the firm has completed the sale process for an entire 1.2 million-square-foot (msf) master portfolio in Southern Nevada on behalf of American Nevada Company. The disposition came to a successful conclusion with San Francisco-based JMA Ventures recently acquiring the master portfolio’s final three buildings totaling 162,940 square feet (sf) for $34 million. Designated as the Village View Drive subportfolio, the trio of properties are located at 2475, 2485 and 2495 Village View Dr. in the prestigious master planned Green Valley Corporate Center in the city of Henderson. Representing American Nevada Company throughout the disposition process were 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 throughout the Pacific Southwest. [...]

2018-11-13T17:58:55+00:00 November 13th, 2018|In the News|

Curology Continues Local Growth with 54,200 SF Lease at Montana Avenue Capital Building in Sorrento Mesa

SAN DIEGO, Calif., November 6, 2018 – Curology, a San Francisco-based custom skin care company, is expanding its presence in San Diego to 54,232 square feet at a newly renovated office building at 5717 Pacific Center in Sorrento Mesa, which is owned by Montana Avenue Capital Partners. Curology is relocating its local offices from UTC to accommodate the rapid growth of the company over the last five years, and will be nearly tripling in size with this new lease. Bill Cavanagh and Mike Novkov with Cushman & Wakefield’s San Diego office represented the landlord in the transaction. Cushman & Wakefield’s Casey Sterk together with Tom van Betten of Matter Real Estate represented the tenant. Montana Avenue Capital recently acquired the property as a vacant building and completed a significant renovation of the project to position the building as a first class creative office project. The renovation included updating the look [...]

2018-11-12T15:17:50+00:00 November 6th, 2018|In the News|

Cushman & Wakefield Hired for Leasing of Manchester Pacific Gateway

New World Class, Mixed-Use Waterfront Development in Downtown San Diego Delivering 1MSF of Class A Office Space, Served by Retail, Restaurants and Hotels Cushman & Wakefield Selected for Proven Local Expertise, Experience and Success SAN DIEGO, Calif., October 31, 2018 – Cushman & Wakefield announced today the firm has been hired by Manchester Financial Group to provide leasing services for Manchester Pacific Gateway, a new mixed-use waterfront development in Downtown San Diego. The world class project is slated to feature over 1 million square feet (msf) of state-of the-art Class A office space, which will be served by unparalleled on-site amenities including nearly 300,000 square feet of curated shops and restaurants, as well as 1,335 luxury and convention center hotel rooms. “We are excited to have a preeminent and world renowned company that will handle the leasing for this prestigious waterfront development,” stated Papa Doug Manchester, Chairman Emeritus of Manchester Financial [...]

2018-10-31T18:26:13+00:00 October 31st, 2018|In the News|

Spaces Pre-Leases 43,540 SF at Renovated Office Building in Downtown San Diego’s Little Italy

SAN DIEGO, Calif., October 29, 2018 – The joint ownership venture of DivcoWest Real Estate Services LLC and Ocean West Capital Partners LLC have reached a long-term agreement with coworking giant Spaces to lease three full floors at a prominent seven-story office building in Little Italy, which is currently undergoing a major transformation to convert to a boutique Class A office project. Spaces pre-leased 43,540 square feet (sf) consisting of the first, second and third floors in the 123,062-sf building located at 1420 Kettner Blvd, which is now known as “Kettner & Ash”. Penning their deal several months in advance of anticipated construction completion, Spaces represents the first official lease executed since the owners began recent reconstructive work at the building. Derek Hulse and Philip Roberts with Cushman & Wakefield’s San Diego office represented the landlord in the transaction. The property renovations are designed by Gensler and Reno Construction serves [...]

2018-10-29T19:13:11+00:00 October 29th, 2018|In the News|

Cushman & Wakefield Advises on Shorenstein’s Acquisition of San Diego’s Sorrento Towers North & South

SAN DIEGO, Calif., October 25, 2018 – Cushman & Wakefield today announced it has advised Shorenstein Properties LLC ("Shorenstein" or the "Company"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., on their acquisition of Sorrento Towers North & South. Sorrento Towers consists of two Class A office projects in San Diego totaling 565,000 square feet (“sf”) in four buildings. Veteran investment specialists Rick Reeder, Executive Managing Director, and Brad Tecca, Executive Director with Cushman & Wakefield’s Capital Markets services, in San Diego advised Shorenstein on the transaction. Mr. Tecca, said, “Shorenstein’s acquisition of Sorrento Towers confirms the increasing confidence investors have in the San Diego market as underlying leasing fundamentals continue to improve.” He added, “Decreasing vacancy, rising rental rates and strong tenant demand, in addition to limited new construction across just about every submarket, has investors keying in on acquisition opportunities.” Prominently located [...]

2018-10-26T15:09:16+00:00 October 26th, 2018|In the News|

San Diego Multi-Family Investment Activity Exceeds $1 Billion YTD – Market Vacancy Hits below 4.0%

SAN DIEGO, Calif., October 25, 2018 – Cushman & Wakefield’s newly released fall report for the San Diego Multi-Family market revealed healthy, declining vacancy trends and strong rental pricing, which in return has resulted in solid ongoing investor interest and activity. The report indicated countywide multi-family vacancy dropped to just 3.72% in September, down from 4.08% six months ago. Meanwhile, investment sales volume for properties $5 million and greater surpassed the $1 billion mark by the end of Q3 2018. “Nearly 90% of the more than $1 billion in multi-family sales year-to-date 2018 occurred in just the second and third quarters,” said Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego. “For the last three consecutive years, total transaction activity has remained above the 16-year long-term annual average of $1.6 billion. And while it would require a robust fourth quarter to reach that mark here in 2018, it is [...]

2018-10-25T13:56:24+00:00 October 25th, 2018|In the News|

Cushman & Wakefield, JLL Announce the Sale of Class A Self Storage Portfolio with locations in California, Texas

LOS ANGELES, CA & HOUSTON, TX, October 22, 2018 – The self storage practice groups of Cushman & Wakefield and JLL announced they have completed the sale of the Self Storage 1 portfolio encompassing two trophy self storage properties in Los Angeles and Houston. Totaling more than 158,000 square feet, the assets are purpose built, institutional quality self storage projects offering modern designs and amenities. A well-capitalized, national owner/operator, purchased the portfolio from Cardiff Mason Development, a private development firm based in San Jose, CA. Cushman & Wakefield’s Greg Wells and JLL’s Steve Mellon and Brian Somoza handled the transaction on behalf of the seller. Located at 11820 W. Olympic Blvd., the store in West Los Angeles serves the highly affluent communities of Brentwood, Beverly Hills, Santa Monica and West Los Angeles. The immediate trade area has more than 340,000 people within three miles with average household incomes exceeding $120,000.  [...]

2018-10-22T14:27:41+00:00 October 22nd, 2018|In the News|

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|