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REAL ESTATE: Health Care, Other Sectors Seek Out Space
Growth in North County’s key “cluster” industries — including health care, biotech, clean-tech and sports-related lifestyle companies — is creating jobs, and also raising demand for commercial real estate space.
IB Villas LLC of Del Mar has purchased the 33-unit Stuart Manor apartment property in Imperial Beach for $4.5 million, according to brokerage company Berkadia.
San Diego-based Excel Trust Inc. has sold the two-building Promenade Corporate Center office property in Scottsdale, Ariz., for $65 million, according to Arizona public data.
San Diego-based Rick Engineering Co. (RICK) and Mooney Planning Collaborative (MPC) have announced the merger of the two firms, resulting in a planning, design and engineering company with a broad range of services.
A buyer recorded as HCP CIP II LLC of Irvine has purchased the 60-unit Heritage at Canyon Pointe Apartments in Escondido for $11 million, according to CoStar Group and public data.
Allen Properties Group 43 of Newport Beach has acquired a newly built, 18-unit apartment property in San Diego’s Little Italy neighborhood for $6.2 million, according to brokerage company Colliers International.
Rob Singh has returned to The ConAm Group of Cos. to serve as president and chief investment officer, the San Diego-based real estate investment and development services company announced.
San Diego-based construction management consulting firm Xpera CM has been retained by the Viejas Band of Kumeyaay Indians to manage work on a second hotel tower currently underway at Viejas Casino in Alpine.
Monarch La Jolla LLC has purchased a La Jolla medical office building for approximately $7 million, with plans to convert the property into an upscale assisted living facility, according to Voit Real Estate Services.
An entity recorded as Finest City Oil Corp. of La Mesa with trustee Najiba Kassab has acquired the 38-unit Marquis Apartments in El Cajon for approximately $5 million, according to CoStar Group and public data.
Sales of previously owned homes increased in February after a particularly slow January, according to the Greater San Diego Association of Realtors.
PROPERTY: Millennials Keep Coming; Hope Is for More Businesses to Follow
The post-recession recovery will be palpable in downtown San Diego starting later this year, as hundreds of new apartments hit the market with the completion of several big projects.
A joint venture of Irvine-based Pelican Realty Group LLC and Los Angeles-based PI Properties has acquired the two-building Harbor Center industrial property in San Diego’s Barrio Logan neighborhood for $3.66 million, the buyers announced.
To the surprise of few people, the controversial One Paseo mixed-use development in Carmel Valley could now be heading toward the city ballot box in San Diego.