San Diego Industrial Occupancy Ramps Up in Q2 Bolstered by New Construction Activity

SAN DIEGO, Calif. – August 1, 2018 – Cushman & Wakefield’s latest Q2 2018 industrial market report for San Diego showed occupancy in the region’s industrial sector received a strong bump following a relatively sluggish first quarter. Overall, San Diego generated 632,000 square feet (sf) of positive net absorption from April to June, a level well above the prior two quarters combined while ranking among its highest quarterly marks over the last few years. The report also revealed occupancy growth through the first half of 2018 also stands well above both the first half levels of both 2017 and 2016. Despite the strong occupancy growth during the second quarter, however, vacancy did inch upward a notch to 4.9%, a slim ten basis-point increase from the previous quarter. Nonetheless, vacancy still remains a few ticks below its level a year ago of 5.1%. Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego, [...]

2018-08-02T13:57:26+00:00 August 2nd, 2018|In the News|

San Diego’s Balboa Executive Center Sold to Admiral Capital

SAN DIEGO, Calif. – July 31, 2018 – The Balboa Executive Center, a stunning five-story 120,992-square-foot (sf) Class A office building in San Diego, California has sold to Admiral Capital. The seller was an institutional real estate investor, which had invested significant capital into the building during its ownership prior to the sale. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego represented the seller in the disposition. Mr. Reeder, Executive Managing Director, said, “Balboa Executive Center is a great Class A building that has been institutionally-owned and professionally maintained since 1999. The property is prominently featured at the main and main intersection of Balboa Avenue and Ruffin Road in the top performing Kearny Mesa submarket. This quality asset was more than 98% leased at the time of sale, providing the buyer with great long-term credit tenancy and stable cash flows—notably, the two largest tenants, which account [...]

2018-08-02T13:48:17+00:00 August 2nd, 2018|In the News|

NextLevel Internet Moving into Larger New Digs in San Diego’s Rancho Bernardo Community

SAN DIEGO, Calif. – July 25, 2018 – NextLevel Internet, Inc. has signed a new lease to relocate and expand its offices in north San Diego’s Rancho Bernardo community. NextLevel, a business-to-business voice, internet and managed unified communications services provider, will be moving into 18,541 square feet (sf) of newly designed creative office space at 10967 Via Frontera. Tom van Betten of Cushman & Wakefield’s San Diego office represented the tenant in the transaction. Justin Maiolo of Newmark Grubb Knight Frank represented the landlord, Seven C's Group, LLC. NextLevel is currently working with Mare Walcom in the design of its new creative digs which are part of a larger nearly 40,000-sf freestanding single-story flex/manufacturing building. Mr. van Betten said, “NextLevel’s new space was already pre-built out for office/flex use which made it an appealing location to convert as creative space. The company’s new office design will provide a collaborative environment with few private offices [...]

2018-07-25T17:44:28+00:00 July 25th, 2018|In the News|

San Diego Office Market Recharged by ‘Best Second Quarter Growth in Last Five Years’

SAN DIEGO, Calif. – July 18, 2018 – During the second quarter of 2018, San Diego’s office market received a healthy boost in occupancy while vacancy continued its descent, finds Cushman & Wakefield’s latest midyear office market report. Maintaining its overall market momentum, countywide office vacancy shed another 30 basis points (bps) quarter-over-quarter closing midyear 2018 at 12.6%, its lowest level since the third quarter of 2006 (12.4%). Through the first half of 2018, San Diego has accumulated 342,000 square feet (sf) of positive net absorption, comparable to its 370,000 sf average for the same six-month period during the previous five years (2012-2017). “After beginning 2018 with minimal, albeit positive, occupancy growth of just 65,500 sf, the second quarter saw a much-improved four-fold increase posting 276,400 sf of growth,” said Jolanta Campion, Cushman & Wakefield’s Research Director in San Diego. “The second quarter of 2018 proved to be San Diego’s best ‘second [...]

2018-07-18T18:36:42+00:00 July 18th, 2018|In the News|

JMA Ventures Buys 271,100 SF Office Sub-Portfolio for $51.75M in Las Vegas Suburb from American Nevada Company

LAS VEGAS – July 18, 2018 – American Nevada Company has sold a five-building office portfolio totaling 271,114 square feet (sf) in Henderson, Nevada to San Francisco-based JMA Ventures for $51.75 million. Situated within the prestigious master planned community of Green Valley Corporate Center, the transaction included 2275, 2285 & 2370 Corporate Circle (Corporate Center III, IV and V) and 2500 & 2550 Paseo Verde Parkway (Paseo Verde). Representing American Nevada Company in the disposition 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. Cushman & Wakefield’s Geoffrey West, Jayne Cayton, and Michael Dunn based in Las Vegas provided local expert advisory. Mr. Reeder, Executive Managing Director, said, “This sale is part of a disposition strategy of a larger 1.1 million-square-foot master portfolio which we have been [...]

2018-07-18T12:03:53+00:00 July 18th, 2018|In the News|

GreatCall Opens Dazzling New Headquarters in San Diego

SAN DIEGO, Calif. – July 2, 2018 – Cushman & Wakefield announced today that GreatCall, the leader in connected health for active aging, has opened its brand new Class A corporate headquarters in San Diego. GreatCall’s employees along with corporate management recently moved into more than 55,000 square feet of finely built-out office space that just finished construction at 10945 Vista Sorrento Pkwy. GreatCall’s new multi-story headquarters remains positioned within Pacific Plaza, a prestigious office project overlooking the Torrey Pines Mesa where the company has operated for many years. According to Tom van Betten, Executive Director with Cushman & Wakefield in San Diego, who represents GreatCall, “Retaining its presence within Pacific Plaza, the company moved just steps away from its prior address into a different building; nonetheless, it still represents a complex relocation.” He added, “The move provided the company with a fantastic opportunity to work off a ‘blank slate’ from a [...]

2018-07-05T14:56:03+00:00 July 5th, 2018|In the News|

Thomas Jefferson School of Law Relocates Campus to Class A Tower in Heart of Downtown San Diego

SAN DIEGO, Calif. – June 26, 2018 – Cushman & Wakefield announced today that Thomas Jefferson School of Law has signed a new lease to reposition but retain its campus within the heart of downtown San Diego, California. The Law School leased a total of 56,338 square feet spanning two full floors at 701 B Street, a 24-story Class-A high-rise totaling 571,333 of premium office space. The relocation is part of Thomas Jefferson’s “Move Forward” plan, which demonstrates the Law School's commitment to providing high-quality education to its students based on three core concepts: Rightsizing, Reallocating, and Repositioning. In what will be a proximate move and downsize, the Law School’s new campus will be about one-third of the square footage of its existing campus that currently resides in an eight-story building in downtown San Diego’s East Village approximately five minutes away. The Law School will be provided its very own entrance and [...]

2018-07-17T16:15:14+00:00 June 26th, 2018|In the News|

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|