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Tuesday, Jun 25, 2024

$20M Center Breaks Ground in Southeast S.D.

Big events and big deals are sprouting up throughout San Diego these days.

On Nov. 4, residents of Lincoln Park, Valencia Park, Chollas View, north and south Encanto, Emerald Hills, Mountain View, Mount Hope, Oak Park and Webster turned out for the groundbreaking of the $20.5 million Joe and Vi Jacobs Community Center at the hub of these southeastern San Diego communities.

The new center will be the centerpiece of Market Creek Plaza, the $23.5 million commercial and cultural center at Market Street and Euclid Avenue.

The 76,000-square-foot, three-story building will house a cultural training kitchen, a state-of-the-art meeting and conference center, community and office space, a showplace for public art, a neighborhood-gathering place, and the headquarters of the Jacobs Center for Neighborhood Innovation.

Elsewhere in the county, the Board of Supervisors has authorized a request for proposals for the redevelopment of two mega Kearny Mesa properties totaling 56.7 acres , the first step, we hear in what might develop into a centralized regional county planning, operations and government center there.

The goal is to have the selected project generate money for the county, provide it with enough new space to meet its current and future space needs, and to plan for the clustering of county departments in one place.

“This initiative presents an enormous opportunity to do something very innovative , something that might include a mix of government, residential and commercial uses,” said Supervisor Ron Roberts, whose district includes these properties. “This project could be the model for large-scale, public-private partnership that benefits all, especially the people we serve.”

The prime focus of developers will be the 19.5-acre county operations center annex at Ruffin Road and Clairemont Mesa Boulevard, a potential site for a major mixed-use development that could include government, office space, retail and residential uses.

The 37.2-acre county operations center property on Overland Avenue also is included as an optional site in the request for proposals and could house the new county regional center.

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More Big Deals:

Menlo Equities has broken ground on the Discovery Corporate Center, an 11.3-acre office campus billed as the first new Class A office space to be built in Rancho Bernardo since 2003.

The site on West Bernardo Drive was formerly owned and occupied by ST Microelectronics, which manufactured semiconductors used in inkjet printer cartridges made locally by Hewlett-Packard Co.

“Discovery Corporate Center will help San Diego County gain back hundreds of jobs that have been lost since the high-tech bubble burst,” said Chad Iverson, senior vice president of Menlo Equities. “While the demand for manufacturing space in the region has declined, we believe there will continue to be a strong demand for corporate office and R & D; (research and development) space in the I-15 corridor and in the San Diego region.”

Whiteflag LLC, an apparel and footwear distributor, has bought Loker Corporate Center in Carlsbad for $13.4 million, according to Coldwell Banker Commercial-Almar Real Estate Group.

Whiteflag is planning to occupy about half the 123,454-square-foot building as its corporate headquarters and lease out the remaining space.

The seller, Loker Investment Partners, is a California general partnership managed by Marty Smith, the chief executive officer of Southern California Investors. Adam Molnar and Joe Crotty from Coldwell Banker Commercial-North County Properties represented both the buyer and seller in this transaction, and will be handling the leasing of the remaining 40,000 square feet of space.

CruzanMonroe, a San Diego-based real estate investment and development company, dba Sorrento Pines LLC, has announced the sale of the 114,421-square-foot Sorrento Pines Business Park in Sorrento Valley to Los Angeles-based Rexford Industrial LLC for $18.9 million.

Sorrento Pines sits on 7.8 acres and includes four single- and multi-tenant buildings on Sorrento Valley Boulevard, and is 80 percent leased to tenants that include Acon Labs, HERAE, the Boxing Club, Skyepharma Inc. and Pall Corp.

“This sale represents continuing demand by investors for well-located industrial properties in a market where space options and land availability for development is increasingly limited, and construction costs are at record levels,” said Philip Monroe, a principal with CruzanMonroe.

Nick Psyllos and John Garrigan of CB Richard Ellis presented the seller, while the buyer represented itself.

Sares-Regis Group, a West Coast real estate developer, has sold an 11-acre parcel of land at Bressi Ranch Corporate Center, a master-planned business park at the corner of El Camino Real and Palomar Airport Road, to developer Ken Satterlee of Kelly Capital Group for an undisclosed sum.

Combined with Kelly Capital’s previous purchase of 40 acres at Bressi Ranch, the company will now own about 51 acres, with an additional 11 in escrow, according to CB Richard Ellis.

Lannie Allee, Rick Sparks, Roger Carlson, Matt Strockis and Bill Driscoll of CB Richard Ellis represented both parties.

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A three-building office plaza was dedicated Oct. 27 to John and Alice Finn on the grounds of Liberty Station, the former site of the Naval Training Center in Point Loma.

The event honored 96-year-old Lt. John Finn, the oldest surviving Medal of Honor recipient in the United States, and the first one decorated in World War II.

Send residential and commercial real estate news to pbroderick@sdbj.com or via fax at (858) 571-3628.


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