CapRock Partners Transforms Challenging Industrial Building Into Class A Space

Firm leverages value-add experience to deliver vibrant property in San Diego’s I-15 Corridor submarket Newport Beach and San Diego, Calif. – February 25, 2019 – CapRock Partners, a California-based industrial real estate investment and development firm, today announced it completed the repositioning of its Old Grove asset, a 85,824-square-foot freestanding industrial property, located on a 5.4-acre site within the Scripps Ranch area of San Diego. CapRock Partners acquired the property in January 2018 as a strategic addition to its value-add portfolio. The property was in a functionally obsolete condition at the time of purchase and had never previously been available. CapRock Partners implemented a top-to-bottom renovation plan to improve the property and bring it to Class A status. “When CapRock acquired the Old Grove asset, the building was in need of extensive capital improvements,” said Bob O’Neill, senior vice president of acquisitions at CapRock Partners. “The Central San Diego submarket is experiencing [...]

2019-02-28T17:33:19-04:00February 28th, 2019|In the News|

Joint Venture between Coast Income Properties & Washington Capital Management Acquires Mesa View Plaza for $39.1 Million

100% Leased Property Considered One of Kearny Mesa's Finest Class A Office Assets SAN DIEGO, Calif., February 28, 2019 – Cushman & Wakefield announced today that Mesa View Plaza, a 111,268-square-foot Class A mid-rise office building in Kearny Mesa (San Diego), California has sold for $39.1 million. A joint venture between San Diego-based Coast Income Properties and Washington Capital Management, Inc. acquired the five-story, multi-tenant building from Stockbridge. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets group in San Diego represented the seller. Tecca, Executive Director, said, “Mesa View Plaza is well-known as one of the finest Class A, multi-tenant office buildings in central San Diego. This acquisition will provide stable in-place cash flow and the ability to capitalize on rising rental rates in a submarket where the vacancy rate will decline to under 3% by the end of Q2 2019.  Strong and improving leasing fundamentals, including [...]

2019-02-28T12:51:37-04:00February 28th, 2019|In the News|

Sunroad Enterprises Introduces Best-in-Class Office Project and Final Phase of Multifamily Development in Kearny Mesa

279,800 SF Office Tower Delivering Optimum Live/Work Environment alongside New 442-Unit Luxury Apartment Community SAN DIEGO, Calif., February 19, 2019 – Sunroad Enterprises introduces Centrum, an 11-story, Class A project totaling 279,800 SF. Centrum is San Diego’s premier, best-in-class office project offering tenants a central, accessible and highly-visible location, above-market parking, an array of onsite amenities and proximity to an abundance of multi-family options for their employees. Sunroad Enterprises has also announced the ground breaking of the final phase of the master planned commercial area in Kearny Mesa (San Diego), California commonly referred to as the Spectrum. The centerpiece of the final phase is Vive Lux, a brand new 442-unit luxury apartment rental community located along Spectrum Center Blvd next to Centrum. Cushman & Wakefield’s Derek Hulse and Brett Ward have been hired to lead the leasing efforts for the Class A office tower, which is now pre-leasing. Sunroad Enterprises’ [...]

2019-02-19T13:27:13-04:00February 19th, 2019|In the News|

Private Client Investor Acquires Carlsbad Flex Building for $2.5 Million – Bullish on Local Market

SAN DIEGO, Calif., February 12, 2019 – A freestanding multi-tenant flex/industrial property in the coastal city of Carlsbad (San Diego), California has been acquired by a private client investor for approximately $2.55 million. The 14,580-square-foot (sf) single-story building is located at 2768 Loker Avenue West. The seller was D-Cashlifornia, LLC, which leased back 8,000 sf in the building following the sale. The balance of the space is leased. Chris Baumgart of Cushman & Wakefield’s San Diego office represented the buyer in the transaction. The seller was represented by Joe Zummo of Global CRES, Inc. “This was a great value-add investment opportunity in San Diego’s North County, a market which continues to see great demand for both small and large industrial facilities,” said Baumgart. “The buyer viewed the property as an underperforming asset offering significant upside in rent and value as a dual-tenant building. They are bullish on this market, having [...]

2019-02-12T18:38:45-04:00February 12th, 2019|In the News|

Performance Wealth Investments Acquires Class A Office Building in Carlsbad for $9.2 Million

SAN DIEGO, Calif., February 11, 2019 – Cushman & Wakefield announced today that Palomar Triad, a distinctive multi-tenant Class A office building in Carlsbad (San Diego), California, has sold for just over $9.2 million. Originally developed in 1987 and extensively renovated in 2013, the three-story property consists of 46,550 square feet of high quality office space. The buyer was San Diego-based Performance Wealth Investments II, LLC (PWI), which acquired the asset from 3G Properties, LP. Mark Avilla with Cushman & Wakefield’s Private Capital Group together with Justin Halenza and Michael Mahoney also of Cushman & Wakefield represented the seller in the transaction. Steve Hildebrand & Ian Bradley with Cushman & Wakefield also performed Financial Advisory. The buyer was represented by Michael Conger and Brian Jenkins of Commercial Asset Advisors. “Palomar Triad is prominently located along Carlsbad’s main thoroughfare and presented a remarkable value-add investment opportunity in one of the region’s [...]

2019-02-11T12:42:51-04:00February 11th, 2019|In the News|

San Diego Retail Growth Plateaus in 2018, but New Development Expected to Rejuvenate Activity

SAN DIEGO, Calif., February 7, 2019 – Cushman & Wakefield’s Year-End Retail Market Report for San Diego reflected a level change in retail growth in the region in 2018, but the firm’s experts still have a strong sense of optimism moving forward into 2019. The region’s retail vacancy rate increased a modest 50 basis points (bps) since midyear, moving it back a nudge to 4.5%. The rate is up from 4.1% in 2017. Meanwhile, rents continued an upward trajectory through the year. Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego. “The moderate level of occupancy loss in 2018, all stemming from the last six months of 2018, comes on the heels of six consecutive calendar years (2012-2017) of steady occupancy gains in which the market absorbed a scorching more than 1.8 million square feet of space.” She added, “The top performing submarkets by square feet absorbed in the [...]

2019-02-07T17:44:13-04:00February 7th, 2019|In the News|

BKM Capital Partners Acquires Fully Leased Industrial/Flex Portfolio in San Diego for $16.55 Million

SAN DIEGO, Calif., February 6, 2019 – Cushman & Wakefield announced today that Newport Beach-based BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, has acquired a multi-tenant industrial/flex portfolio totaling 99,187 square feet (sf) in San Diego, California. Encompassing four buildings in two projects in the Carlsbad and Sorrento Mesa submarkets, the portfolio sold for a combined $16.55 million. The seller was 3G Properties, LP. Mark Avilla with Cushman & Wakefield’s Private Capital Group together with Justin Halenza and Michael Mahoney also of Cushman & Wakefield represented the seller in the transaction. Steve Hildebrand & Ian Bradley with Cushman & Wakefield also performed Financial Advisory. The sales team had marketed the two projects for sale both individually and collectively. “This was an excellent opportunity for BKM to acquire a significant portfolio of well-maintained, well located and fully leased properties in two [...]

2019-02-06T18:43:01-04:00February 6th, 2019|In the News|

San Diego, Nation’s Third Largest Biotech Hub, Performing at an All-Time High & Continues as a Global Epicenter for Innovation and R&D

Sun setting lights up the buildings on San Diego seafront in HDR SAN DIEGO, Calif., January 31, 2019 – Increased investment and employment in the life sciences sector has driven life sciences related real estate to new heights, according to Cushman & Wakefield’s new report, Life Science: Great Promise & Rapid Growth. The research provides a big-picture overview of the life sciences sector and its impact on commercial real estate as well as more granular insights into 13 top life sciences markets in the U.S. and Canada. Thanks to an influx of venture capital as well as billions of dollars in funding from the National Institute of Health, the life sciences sector has grown nearly five times as fast as the economy since 2000, adding 85,000 jobs, with roughly 70% of that job growth (61,000) in the past eight years. This is primarily a response to an aging [...]

2019-01-31T17:45:50-04:00January 31st, 2019|In the News|

San Diego Industrial Market Explodes with Nearly 2 MSF Growth in 2018, as Rents Reach Record High

SAN DIEGO, Calif., January 28, 2019 – San Diego’s industrial sector saw occupancy growth explode in 2018, achieving nearly 2 million square feet (msf) of net absorption. The annualized figure for 2018 more than doubled the net growth of each of the past two years. Meanwhile, the average asking rent set another all-time high to conclude the year. Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego, said, “After a sluggish start to 2018, the final three quarters of the year all reported robust gains, raising net absorption to 1.9 msf annually. The fourth quarter marked San Diego’s 29th of the last 30 quarters to report occupancy growth—only the second quarter of 2017 had reported a loss during this long stretch. Further, compared to the fourth quarter’s move-ins, which consisted of organic expansions as well as pre-leased new construction, the quarter’s move-outs were minimal.” According to the report, at [...]

2019-01-28T15:36:23-04:00January 28th, 2019|In the News|

Cushman & Wakefield Announces Sale of Self Storage Facility in Northern California’s East Bay Area

CASTRO VALLEY, Calif., January 16, 2019 – Cushman & Wakefield announced the firm has completed the sale of Lockaway Storage in Castro Valley, California, a primarily residential community in the eastern region of the San Francisco Bay Area, or East Bay. Located at 8555 Dublin Canyon Rd., the project contains 26,000 rentable square feet of storage area as well as 135 outdoor RV/boat parking spaces. The seller was a private individual based in Northern California and the buyer was Ramser Development Company based in Southern California (Orange County). Greg Wells, Senior Director of Cushman & Wakefield’s Self Storage Practice Group, represented the seller and also procured the buyer in the transaction. “Lockaway Storage – Castro Valley is a best-in-class asset located adjacent to Interstate 580 midway between Hayward and the Dublin/Pleasanton communities,” said Wells. “This strategic location has ensured the project maintains high occupancy (95%+) and will provide the buyer [...]

2019-01-16T14:53:36-04:00January 16th, 2019|In the News|