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Tuesday, Jul 23, 2024
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Sales and Leases



SALES

San Diego-based Davlyn Investments Inc. purchased a 552-unit property in the Inland Empire from Las Vegas-based Inland Empire Builders. The single asset, multi-family Stonegate at Towngate, located in Moreno Valley, sold for $111.8 million.

Both firms represented themselves in the transaction. Eric Flyckt of Capmark Finance Inc. provided lending.

Davlyn Investments owns and operates apartment communities, condominium conversion projects and office buildings throughout California. The firm’s apartment holdings total about 3,500 units.

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Veralliance Properties, in partnership with Prudential Investors, purchased the 424,000-square-foot Campus Point Technology Center located at 10300 Campus Point Drive near University Towne Center.

Qualcomm Inc. sold the R & D; and light manufacturing building, which was built in 1981, to Veralliance Properties for $72 million.

Currently, Kyocera Wireless Corp. is the sole tenant in the building, leasing 42 percent of its space through June 30, 2008. The remaining space is available for lease.

Veralliance Properties is considering a partnership with Austin Veum Robbins Partners to renovate the building.

Lynn LaChappelle, Bob Prendergast, Greg Bisconti, Brian Cooper and Mickey Morera of Burnham Real Estate represented the buyer and the seller in the transaction.

Veralliance Properties is a San Diego-based real estate investment, development and management company with a portfolio that consists of about 1.8 million square feet of existing and planned space.

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San Diego HD LLC purchased a 60,700-square-foot building located at 1601 Precision Park Lane in San Ysidro for $9.6 million.

HD Supply, a wholesale distribution company, currently leases the building. The company serves the supply needs of construction, infrastructure, maintenance and repair markets.

Harry Stone and Michael Mossmer of Voit Commercial represented both the buyer and the seller, CT Realty.

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Reid Properties LLC purchased a two-story apartment complex for $5.3 million. The complex, built in 1970 and located at 1940 Pacific Beach Drive in Pacific Beach, features 26 condominium units.

Anni Grimes of Coldwell Banker Commercial represented the buyer. Apartment Consultants Inc. and Urtiaga Enterprises represented the sellers, Dan Stoll, JoAnn Stoll, Joan Nimitz, Gordon Nimitz, Joan Welch, John Stoll and Mary Jayne Stoll.

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Mikey Novak Trust purchased 16,500 square feet of industrial manufacturing space for $2.5 million from GG Pacific Enterprises. The buyer purchased the property, located at 5858 Edison Place in Carlsbad, as an investment.

Mark Emerick, David Steffy and Dennis Visser of Grubb & Ellis|BRE Commercial represented the seller, while Matt Weaver of Lee & Associates represented the buyer.

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RKMA, doing business as Ultimate Hair Dynamics, purchased 3,000 square feet of office space located at 2221 Camino del Rio S. in Mission Valley.

Jon Boland of Voit Commercial represented the seller, Camino del Rio Partners c/o Voit Commercial. Jack Kruger of Grubb & Ellis|BRE Commercial represented the buyer.


LEASES

The county of San Diego signed a lease for 56,500 square feet of industrial space located at 4000 Ruffin Road in Kearny Mesa. The county leased the property for 60 months at $2.8 million, and plans to use it for Purchasing and Contracting and the Health and Human Services Agency.

Russ Stai and Buddy Norman of Burnham Real Estate represented the county, while Mickey Morera and Jed Stirnkorb of Burnham Real Estate represented the lessor, DL Ruffin Road LP.

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Aries Associates Inc. signed a five-year, $1.5 million lease for 20,400 square feet of warehouse and lab space located in the La Jolla Sorrento Business Park at 10441 Roselle St. in Sorrento Valley.

Dean Asaro of CB Richard Ellis represented the lessee and the lessor, La Jolla Sorrento Business Park. Andy Irwin and Sam Higgins of CBRE also represented the lessor.

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Bergensons Property Services Inc. leased 11,000 square feet of office space in Ocean Ranch Plaza located at 3605 Ocean Ranch Blvd. in Oceanside for five years at $1.4 million.

The newly constructed Ocean Ranch Plaza is the most recent addition to the Ocean Ranch Corporate Center, a 400-acre business and industrial park in Oceanside.

Bob Willingham, David Onosko and Ron King of Coldwell Banker Commercial represented the lessee and the lessor, Kahl and Goveia Commercial Real Estate.

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One Mortgage Network leased 10,000 square feet of office space located at 9740 Scranton Road in Sorrento Valley for 53 months at $940,000.

Brent Bohlken of Commercial Realty Advisers represented both the lessee and the lessor, TVA Fire & Life Safety Inc.

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Halstrom High School Inc. signed a 60-month, $394,000 lease for 3,300 square feet of office space located at 380 S. Melrose Drive in Vista.

Kyle Mclure of Bailes & Associates represented the lessee, while Steve Bruce of Lee & Associates represented the lessor, Melrose Law Center.

, Sam Blanchard

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