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Sales and Leases



Leases

3Twenty One, a salon, signed a lease for 3,200 square feet of retail space on State Street in San Diego from Chidgey Family Trust. The property was leased for 60 months at $256,000.

Tracey Beal of GVA IPC Commercial Real Estate represented the lessee and Robert Lester and Curt Perry of Coldwell Banker Commercial Almar Real Estate Group represented the lessor.

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California Capital Corp. leased an 8,000-square-foot two-story office building on Business Park Avenue in San Diego from R.E. Hazard Contracting Co. The five-year lease is valued at $563,000.

Dean Asaro, Sam Higgins and Andy Irwin of CB Richard Ellis’ San Diego Central office represented both the tenant and landlord.

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EDA Software signed a $289,000 lease for 1,300 square feet of office space on Civic Center Drive from the city of San Marcos. The lease is for 60 months. The tenant will use the space to operate a software sales, support and training office. The city was represented by Gary Williams of Colliers International’s Carlsbad office and EDA Software was represented by Nancy Murphy of CDC Commercial.

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Cabarcas Marriage and Family Therapist Inc., a marriage and family counseling practice, signed a $46,000 lease for 900 square feet of office space on South Juniper Street in Escondido. The lease is for 36 months.

Both the lessor, Lynch Family Trust Robert L. & Eva Mae Lynch Trustees, and lessee were represented by Nancy Murphy of CDC Commercial.

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Challenge Financial Inc. signed a three-year lease for 1,600 square feet of office space on Third Avenue in Chula Vista. The lease was valued at $120,000.

Lee & Associates’ San Diego office represented the lessor, 637 Third Avenue LLC, and the lessee was represented by Tom Poser of Commercial Realty Advisors.


Sales

A 25,000-square-foot parcel of land on Columbia Street sold for $10.1 million. The property will be used to build a 47-story, luxury mixed-use project. When complete the project will be the tallest building in San Diego.

The seller was Bay Structures LLC in care of Alger Development. The buyer was the Chhatrala Group, a San Diego developer with several hotel projects completed and in the works in Southern California and Arizona.

Jason Kimmel, Josh Vasbinder and Tim Winslow of Grubb & Ellis|BRE Commercial handled the transaction.

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An affiliate of General Atomics Aeronautical Systems Inc. purchased two buildings on Stowe Drive in Poway from Toppan Optical Products for $44 million. Sorrento West Properties Inc. bought the buildings totaling 409,000 square feet on 25 acres.

Toppan Optical Products, the San Diego subsidiary of Toppan Printing Co. Ltd., uses the facility to produce screens for rear-projection televisions and will lease this facility back. The second building is scheduled to be occupied by General Atomics upon completion of improvements in the first quarter 2008.

Chris Pascale of CB Richard Ellis’ San Diego Central office and Kenji Sakai of CB Richard Ellis’s Torrance office represented Toppan Optical Products.

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A two-story 14-unit apartment building on Hamilton Street in Normal Heights sold for $2.36 million, or $169,000 per unit.

The property, built in 1988, consists of 14 two-bedroom, two-bathroom units, each with a garage and parking space. The building has been in the process of a condominium conversion during the past two years. Its previous owners purchased the apartments in 2004 for $2.8 million.

Matthew Udewitz of Coldwell Banker Commercial Almar Real Estate Group represented the buyer, the Spanninga Family Trust. The sellers, David and Vickie Maltby, were represented by Terry Taylor of San Diego’s ACI Apartments.

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A 14,000-square-foot office and warehouse building on Starboard Street in Chula Vista sold for $3.29 million. The building is one of 13 in Venture Commerce Center , Eastlake, an office and flex building project totaling 193,000 square feet on 13 acres.

The seller, LB/VCC Eastlake LLC, a subsidiary of Larkspur-based Venture Corp., was represented by Phillip Linton, Darren Mullins and Erik Parker of Grubb & Ellis|BRE Commercial. Six separate buyers purchased the office and warehouse condominium building.

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An 11,000-square-foot shopping center on North Second Street in San Diego sold for $2 million. Craig Duhs and Scott Duhs of Lee & Associates’ San Diego office represented the buyer Irwin Belcher. Bob Znider of Prudential Realty represented the seller Flotel Corp.

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A 10,200-square-foot commercial building on Fourth Avenue sold for $1.85 million. The two-story building was bought by 4th & Grape LLC from Grape Office Suites LLC. 4th and Grape consists of Steven Martini of Strom Commercial Real Estate, Francisco Morales of Duncan Morales and Associates, Rodolfo Ocio of Ocio Design, and Travis Shain and Steven White of White Construction.

Brent Bohlken and Stephen Dok of GVA IPC represented the seller and Martini represented 4th and Grape LLC.

, Michelle Mowad

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