Excel Legacy Corp. of Rancho Bernardo has commenced its exchange offer for Price Enterprises.
The offer is part of a purchase agreement between Legacy, a real estate development company, and San Diego-based Price, a real estate investment trust, announced June 2, said Graham Bullick, a Legacy vice president.
The exchange offer is set to expire at midnight Nov. 3. It is conditioned upon, among other things, at least 8 million shares of Price Enterprises common stock being tendered for exchange, Bullick said. Price shareholders are being offered $8.50 a share for their stock, part of it in cash and part of it in convertible securities. On Friday, Oct. 8 the common shares of Price Enterprises were trading at around $7.87 a share.
Excel Legacy is a spinoff of Excel Realty Trust, a strip shopping center REIT that was merged into New Plan Realty Trust of New York last fall. Excel’s management had become the new management of New Plan, but differences over the direction the merged company should take led to them ending their relationship with the New York firm, Bullick said.
Acquiring Price Enterprises will allow Legacy, which is a different form of corporation than a REIT, more flexibility in making investment decisions, he said.
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Leasing Agent Named: S.D. Malkin Properties Inc. has appointed Chip Romer of San Diego Commercial Real Estate Services as exclusive office leasing agent for Bridgeworks, a mixed-use development being built at the south end of the Gaslamp Quarter.
The project features about 22,000 square feet of high-ceiling-style office space and has the first Class A office space to be developed in Downtown since 1991, said Jeremy Cohen, a spokesman for S.D. Markin Properties Inc.
The project across from the San Diego Convention Center includes a 253-room Hilton Garden Inn and 32,000 square feet of retail space. Completion is expected in the spring.
“There’s a national trend toward companies seeking office space with the character of a historic building, but with the modern amenities of a new high-rise,” Cohen said.
Bridgeworks occupies a city block bounded by Fifth Avenue, K Street, Harbor Drive and the Martin Luther King Promenade.
The Bridgeworks project is owned by S.D. Bridgeworks LLC, a venture of Harbor Fifth Associates, Apollo Real Estate Advisors/Pelham Partners and Meristar Hotels. S.D.Malkin Properties is the manager of the venture.
Paladion Sells: The new owners of the Paladion in Downtown said last week they plan to convert the failed retail center into office space and already have it fully pre-leased to a tenant.
Brown Colarusso LeBeau Inc. of San Diego is the lead partner on the 120,000-square-foot, four-story building, a company official said. Other members of the partnership are Tom Blake of Coastal Income Properties and Darrell Gary of Nexus Properties.
The new tenant is American Specialty Health Plans, which will be relocating from Mission Valley in May of next year. The sale price was not disclosed.
Development Planned: MSK Development Group of Carlsbad, Landmark Golf Co. of Palm Desert and Heartland of Seattle have teamed up to build an 18-hole golf course in Hemet.
The golf course will be built next to a new, 665-acre adult community, said Brian Curley, a principal in Schmidt-Curley Design Group of Scottsdale, Ariz., which will design the course.
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Names And Faces: Apartment Locators Inc. of San Diego has changed its name to Apartment Search Inc. Bay Logistics Inc., a San Francisco-based real estate management software developer, has completed its merger with Corporate Realty Partners Inc. of San Diego and both companies will now operate under the Bay Logistics name. Gary Kent of RE/MAX Associates has published a free 1999 Guide to San Diego Coastal Community Home Prices.
