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PROPERTY: National Investors Find Deals in San Diego Market
San Diego recently placed 24th in a global ranking of cities based on commercial property investment dollar volume for the year ending June 30.
An entity listed as KI-Vista-LPSM LLC has purchased a building at Vista Business Park for $13.55 million, which it is leasing to Escondido-based Stone Brewing Co. for a previously confirmed new distribution center, according to brokerage company Cushman & Wakefield Inc.
It turns out that Alliance Residential Co. wasn’t through with downtown San Diego when it recently decided to sell its 203-unit Broadstone Little Italy for $102.5 million, not long after completing the project earlier this year.
PROPERTY: Glut of Loans Coming Due Should Be OK
Thanks to an improving commercial real estate climate, San Diego-based Douglas Wilson Cos. has witnessed a steady decline in bank foreclosures on properties since the end of the Great Recession, meaning less need for its bank- and court-appointed property disposition services, though there are still pockets of those cases being handled by the company’s four offices nationwide.
Kilroy Realty Corp. of Los Angeles has begun construction on a new $45 million office building, which officials said is the first speculative construction in eight years in San Diego’s Del Mar Heights submarket.
New Romax Inc. of El Monte has purchased the historic Britt-Scripps House, in San Diego’s Bankers Hill neighborhood, for $2.9 million, according to brokerage company Colliers International.
Lenrae LLC of La Mesa has purchased a 27-unit apartment building in that city for approximately $5.4 million, according to CoStar Group and public data.
The median price of a house sold in San Diego County in October was $440,000, down 1 percent from the median price paid in September, said Corelogic Dataquick.
Haskell, a national design, engineering and construction firm, announced it has acquired FreemanWhite, a Charlotte-based consulting and design practice focused exclusively on the health care sector. FreemanWhite has an office in San Diego.
Sunwest Management Co. of La Mesa has purchased the 94-unit One Park apartment community in Chula Vista for $22.56 million, according to CoStar Group and public data.
San Diego-based Cumming, which provides construction project management and cost consulting services, has expanded its international operations by opening a new office in Dubai.
A former Escondido commercial developer was sentenced to 10 years in prison on Nov. 10 for bilking about 150 investors, including many retired seniors, of $50 million, according to the U.S. Attorney’s Office in San Diego.
The median price for a single-family house in San Diego dipped 3 percent to $496,750 in October from the prior month, according to the Greater San Diego Association of Realtors.
Pier View LLC of Glendora has purchased three Oceanside retail buildings for $4.1 million, according to CoStar Group and public data.
Property Development Centers LLC, a division of Pleasanton-based Safeway Inc., recently held a soft opening for La Costa Town Square, a new Vons-anchored retail center in Carlsbad.