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Thursday, Mar 28, 2024
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Gen-Probe’s Building 2 Completed

The mailbag brings more tales of good fortune from San Diego real estate companies that are branching out.

Westcore Properties LLC, a San Diego-based real estate investment company, has opened an office in Lausanne, Switzerland.

Marc Brutten, company founder and chairman, will head the new division, which will look for retail, industrial and office properties in Switzerland, then in Germany and Holland.

“There are many more investment opportunities in Europe than in the U.S.,” said Brutten. “We like the risk-adjusted returns, stability of governments, low-interest rates and low-inflation environment.”

Westcore reports that it is now doing its due diligence on four assets in Switzerland, totaling $75 million, and plans on investing in another $100 million over the next year or two.

Closer to home, Capstone Advisors, another San Diego-based real estate investment company, has entered into a joint venture with Innovative Resort Communities for the development and sale of 297 single-family detached homes, as well as the entitlement and sale of 200 lots in Bullhead City, Ariz.

Capstone Advisors also is providing an $8.2 million bridge loan for the project, which has been named Rio Brisas.

“Bullhead City is the economic hub for Western Mohave County, Arizona, and Southeastern Clark County, Nevada,” said John Trotter, senior vice president of residential investments with Capstone Advisors.

He’s betting, so to speak, that its location on the Colorado River near Lake Mohave and the gaming resorts of Laughlin, Nev., will spur residential development catering to first- and second-time move-up buyers, and those looking for second or vacation homes.

San Diego-based Veralliance Properties, Inc., which owns and manages 750,000 square feet of office, industrial and laboratory space throughout San Diego County, is making a foray into Riverside County.

The company has bought a 4.78-acre parcel of land in the Silverhawk area of Murrieta in Riverside County for $2.7 million.

Veralliance Properties plans to build an eight-building Class A office park to be named North Winchester Summit.

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Big Deals:

CB Richard Ellis reports that the 127,634-square-foot neighborhood center on Navajo Road, San Carlos Village, has sold for $33 million.

The buyer was SB San Carlos LLC and the seller was M & H; Realty Partners V, LP.

Reg Kobzi and Joel Wilson of the CB Richard Ellis Private Client Group’s San Diego office, along with Todd Goodman and Kirk Brummer of CBRE Investment Properties in Newport Beach, and Sam Alison and Dan Riley of the CB Richard Ellis Private Client Group’s Los Angeles office, handled the deal.

Grubb & Ellis/BRE Commercial announced the sale of a 62,948-square-foot office building at 5580 Morehouse Drive in Sorrento Mesa for $13.1 million.

The seller was RJ Morehouse Investors LLC and the buyer was Qualcomm Inc., which plans to occupy the building.

Grubb & Ellis brokers Brad Tecca, Brett Ward and Rick Reeder represented the seller. Bill Fleck and Scot Ginsburg of Staubach Co. represented the buyer.

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Going Up:

Icon, a 327-unit, four-building, multi-story urban neighborhood in East Village, topped off its tallest tower on June 16.

Bounded by J and K streets, and 10th and 11th avenues, the tallest tower at Icon reaches 24 stories high, overlooking Petco Park, San Diego Bay, Coronado and Balboa Park, and features the Icon Skybox, billed as San Diego’s first rooftop skybox.

Construction is complete for the $44 million 291,000-square-foot Building 2 for Gen-Probe, a biotech firm in Mira Mesa.

On the team were Smith Consulting Architects and Good & Roberts, general contractor, while Michael Fredericksen, senior director of facilities, safety and real estate for Gen-Probe, provided oversight.

Anaheim-based Bomel Construction Co., Inc., has broken ground on two projects in San Diego County totaling $43 million.

They are a $16.6 million, 1,211-space garage for Valley View Casino in Valley Center, part of a $100 million expansion that will double the size of the 47,000-square-foot casino.

The six-level parking structure, designed by the Irvine office of International Parking Design, is scheduled to be completed in November, while casino expansion is slated to be finished next year.

Farther south, Bomel Construction has begun a $26.1 million 1,419-space garage for the University of California, San Diego, working as the subcontractor to general contractor San Diego-based Douglas E. Barnhart Inc. The architect is San Francisco-based Esherick, Hamsey, Dodge and Davis.

The seven-level garage is scheduled to be finished in December.


Send residential and commercial real estate news to

pbroderick@sdbj.com

or via fax at (858) 571-3628.

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