San Diego Commercial Real Estate News

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Updated: 13 hours 13 min ago

San Diego Firms Look Northward for Apartment Deals

Tue, 01/16/2018 - 6:24pm
San Diego-based Stratford Partners LLC recently acquired the 173-unit Yacht Harbor Club apartments in Portland for $68 million.Credit: Cresa Two San Diego-based investment firms recently looked northward for additions to their West Coast-centric multifamily portfolios -- the fast-growing Portland, OR market to be exact -- and came away with separate acquisitions totaling $93.5 million. Other similar deals could follow Stratford Partners LLC’s...

Apartment Owner Obtains $40.5M in Refinancing

Fri, 01/12/2018 - 1:09am
The San Diego-based owner of two apartment properties totaling 440 units in Escondido, CA and Las Vegas, NV has obtained a total of $40.5 million in refinancing. A statement from NorthMarq Capital, which arranged the financing, said separate seven-year, fixed-rate loans were obtained on the properties, which share common principals. The financial services firm arranged $24.5 million in refinancing for the 184-unit Forest Glen Apartments at...

Regency Centers Expands San Diego Retail Footprint

Wed, 01/10/2018 - 10:46pm
Regency Centers is planning a $230 million redevelopment of its Costa Verde Center in San Diego's University Town Center neighborhood. Credit: Regency Centers Corp. Florida-based Regency Centers Corp. continues to grow its San Diego retail profile, witnessed by its recent acquisition of Scripps Ranch Marketplace -- bringing its local shopping center holdings to 11 -- and its planning for a $230 million redevelopment of its Costa Verde Center in University...

Sunroad Gets $165M in Refinancing on Apartments

Mon, 01/08/2018 - 9:08pm
San Diego-based developer Sunroad Enterprises, Inc. has secured $165 million in refinancing on two recently-built luxury multifamily complexes totaling 555 units in the city’s Kearny Mesa neighborhood. Mesa West Capital of Los Angeles originated the short-term mortgage debt, with Mesa West holding the $145 million A-note and New York-based Clarion Partners holding the $20 million B-note. Tim Wright and Aldon Cole with HFF's San Diego office...

SD Developer Obtains $36.6M for Downtown Hotel Project

Mon, 01/08/2018 - 12:22am
Developer Oram Hotels has obtained $36.55 million in construction financing for its ongoing renovation of a historic downtown San Diego, CA building into what will open in 2019 as a 163-room, upscale boutique hotel known as The Guild San Diego. The seven-story building, at 500 W. Broadway, was acquired by locally-based Oram Hotels in 2014 for $14 million, according to CoStar data. It housed the city’s downtown YMCA for 90 years before the facility...

Mission Valley Hotel Sells for $19.5M

Mon, 01/08/2018 - 12:18am
An affiliate of Cerritos, CA-based Kamla Hotels has purchased the169-room La Quinta Inn & Suites hotel in San Diego's Mission Valley submarket for $19.5 million, or about $115,000 per room. The sale of the property at 641 Camino Del Rio S. marks the second local sale in recent weeks by affiliates of San Diego-based Pinnacle Hotels USA, Inc. In mid-December, Pinnacle sold the 178-room Radisson Hotel in San Diego's Rancho Bernardo neighborhood...

Retirement Housing Foundation Pays $10.1M for Pacific Beach Apts

Thu, 01/04/2018 - 9:09pm
Retirement Housing Foundation, a Long Beach-based charitable organization, acquired the 48-unit Luther View Senior Apartments housing complex in San Diego, CA from the Christ Evangelical Lutheran Church in Pacific Beach for $10.1 million, or about $211,000 per unit. The 40-year-old multifamily property is located at 4820 Cass St. in Pacific Beach, just a few blocks from the ocean. The property totals 21,852 square feet. The property was sold...

Palms Patio Apartments Sell for $5.7M

Thu, 01/04/2018 - 9:02pm
LHI II LLC sold the 32-unit Palms Patio Apartments at 6280 Acorn St. in San Diego, CA to Immobilier Rosebud LLC for $5.72 million, or approximately $179,000 per unit. The 20,568-square-foot multifamily community consists of one- and two-bedroom units across four buildings. It was built in 1959 and sits on a half-acre site in the Rolando MF submarket. Dave Andrews with ACRE Investment Real Estate represented the seller. The buyer handled the...

Oceanside Industrial Building Sells for $8.5M

Thu, 01/04/2018 - 8:14pm
Marcus Adams Properties LLC purchased the single-tenant industrial building at 1825 Corporate Center Dr. in Oceanside, CA from HK Advisors LLC for $8.5 million, or about $156 per square foot. The 54,670-square-foot building delivered in 2006 in the Ocean Ranch Business Industrial Park. It was fully leased at the time of sale. Rusty Williams and Chris Roth of Lee & Associates represented both the buyer and seller in the sale. Please see CoStar...

Retail Section of Encinitas Development Sells for $24M

Thu, 01/04/2018 - 6:46pm
RAF Pacifica Group has acquired the 38,828-square-foot retail portion of the mixed-use Pacific Station in Encinitas, CA, for $24 million, or about $618 per square foot. The seller of the property, part of a larger development at 687 S. Coast Highway 101 that opened in 2011, was Loja Retail Partners of Walnut Creek, CA. A statement from brokerage firm Retail Insite said that Encinitas-based RAF Pacifica Group, led by President Adam Robinson...

Expect More Tightening in San Diego Multifamily Market

Tue, 01/02/2018 - 7:21pm
While in the midst of an ongoing housing shortage, the San Diego region remained attractive to multifamily investors during 2017, with big sales including San Diego-based American Assets Trust, Inc.’s purchase of the 533-unit Pacific Ridge Apartments for $232 million. There hasn’t been much for apartment renters to like about San Diego County’s multifamily market metrics for the past several years, with tightening vacancies and rising prices

Rancho Bernardo Radisson Hotel Sells for $22.8M

Wed, 12/27/2017 - 11:39pm
Kashl Corporation, a hotel owner, acquired the 178-room Radisson Hotel San Diego - Rancho Bernardo in San Diego, CA for $22.8 million, or about $128,000 per room, from Pinnacle Hotels USA, Inc. The 116,718-square-foot hotel sits on 3.6 acres at 11520 W Bernardo Ct., near the I-15. Built in 1989, the property was completely renovated in 2013 and features approximately 4,000 square feet of meeting space, an outdoor pool in an interior courtyard,...

Despite Big Projects, SD Retail Space Remains Tight

Tue, 12/26/2017 - 7:39pm
Even San Diego’s showcase retail project of 2017 -- Westfield Corp.’s recently completed $600 million expansion and renovation of its Westfield UTC mall, which added 400,000 square feet of new shopping and dining spaces -- couldn’t put a dent in what remains among the nation’s tightest retail markets. CoStar Group data shows that San Diego County saw more than 839,000 square feet of new retail space brought to market during the past 12 months;...

E-Commerce Delivers Strong Impact on SD Industrial Market

Mon, 12/25/2017 - 7:09pm
Murphy Development’s acquisition of 2001 and 2055 Sanyo Ave. in Otay Mesa -- 540,284 square feet for approximately $27.8 million -- was San Diego's largest industrial property sale in 2017.The rising tide of e-commerce, and the corresponding need for distribution and other logistics facilities to support fast, 'last mile' deliveries of goods ordered online to shoppers, helped to lower the vacancy rate in San Diego County’s industrial property market...

Singapore Investor Acquires 14-Property Data Center Portfolio for $750 Million

Thu, 12/21/2017 - 11:34pm
The year-end closing spree is in full effect, as witnessed by this week's execution of Carter Validus Mission Critical REIT's sale of 14 data center properties from Atlanta to San Diego. The buyer, a joint venture between an affiliate of Mapletree Investments Pte Ltd. and Mapletree Industrial Trust of Singapore, closed Dec. 20 on its $750 million acquisition. The portfolio includes 180 Peachtree, a three-story, 523,000-square-foot data center...