San Diego’s apartment market is going strong this year, aided by a healthy economy and high housing prices.
That’s the word from Marcus & Millichap’s quarterly update.
Some tidbits:
– Most of the jobs created this year are in the relatively low-paying service industries, which means fewer home buyers and a bigger demand for apartments.
– Vacancy remains low, creating conditions where local apartment owners can pump up those rents.
– An improving economy will keep investor interest in San Diego apartment properties high this year.
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Real Merger:
Lee & Associates, a major commercial brokerage company nationwide, has acquired La Jolla-based Retail Properties Group Inc.
The financial details of the merger, which will be effective July 15, were not disclosed.
The new San Diego office, which will include 17 agents and support staff, will operate from RPG’s existing 3,500-square-foot leased office space at 3262 Holiday Court in La Jolla.
Brian Strange will serve as founding principal of the new real estate brokerage company; and Patrick Quinn will serve as senior vice president and founding principal.
Lee & Associates has 30 offices located in Arizona, California, Illinois, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin.
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Going Up:
Cornerstone Communities in San Diego has announced plans for Tiburon, a new luxury neighborhood in the master-planned community of the Estates at StoneBridge in Scripps Ranch.
Consisting of an eventual 81 homes in three floor plans, Tiburon will offer up to seven bedrooms and baths, with four-car garages available. Pre-sales will begin in the fall and a model home grand opening is anticipated in January.
Cisterra Partners LLC in San Diego has announced its newest project , Gateway at Torrey Hills, which will sit on 7.7 acres at the northwest corner of Carmel Mountain Road and Interstate 5.
The project, scheduled to be completed by the fall of 2007, will include two Class A four-story buildings and a separate parking garage, with a total of 200,000 square feet of office space.
The first phase of the Oceanside Gateway Business Park is nearing completion. The 32-acre development is located on the south side of Oceanside Boulevard, east of College Boulevard.
When built out, the Gateway project, developed by Orange County-based bkm Development Co. LLC, will include 141,472 square feet of industrial/office condos and 34 free-standing buildings, totaling 312,832 square feet.
McCarthy Building Cos. Inc. in San Diego is performing preconstruction services for the Rady Children’s Hospital and Health Center for its proposed 279,000-square-foot Acute Care Pavilion in Kearny Mesa.
The project will house a surgical center, as well as neonatal intensive care, cancer and conference centers and 84 beds. The $260 million pavilion recently got a major infusion of cash , $60 million , from La Jolla businessman Ernest Rady.
McCarthy also is handling the design/build services for an adjacent 332,279-square-foot parking structure.
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On Board:
Jayne Corp. of California, a nationwide construction company with offices in San Diego, is working on the Village Walk at Eastlake, a $22 million, 162,000-square-foot retail center in Chula Vista.
Sudberry Properties Inc. in San Diego is developing the project, which will feature gourmet markets, upscale eateries and specialty shops, with Henry’s Farmers Market, Trader Joe’s, Pier One Imports, Borders and Petco as anchors.
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Branching Out:
Barnhart Inc., a San Diego-based builder and construction manager operating nationally, has opened a Palm Desert branch office.
Managed by Layne Arthur, the new office serves Barnhart’s Coachella Valley and Imperial Valley clients.
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Kudos:
San Diego-based Barratt American’s Metrome in the East Village neighborhood of downtown San Diego recently won Residential Project of the Year for an attached urban high-rise housing project.
A Gold Nugget Award, it was presented June 23 at the Pacific Coast Builder’s Conference in San Francisco.
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pbroderick@sdbj.com
or via fax at (858) 571-3628.
