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Japanese Electronics Firm Sells Building in Oceanside

Japanese Electronics Firm Sells Building in Oceanside

Investors Spend $50 Million for 440-Unit Apartments in Carlsbad

Real Estate by Mandy Jackson, Staff Writer

Sumitomo, a Japanese manufacturer of chassis for television and computer screens for clients such as Sony and Mitsubishi, has sold one of its manufacturing facilities in Oceanside for $9.35 million.

Mel Coffman and Patrick Quinn of San Diego-based IPC Commercial/TCN represented Sumitomo in the transaction, which closed June 13. Tim Moore of IPC represented the buyer, 6th & K Ltd.

Sumitomo uses 74,525 square feet in the 143,274-square-foot building at 4039 Calle Platino for manufacturing and distribution. Coffman said the company has signed a seven-year lease to remain in the building in the Rancho del Oro Technology Park.

Sumitomo started its Oceanside manufacturing operation in a neighboring 71,000-square-foot building, where it leases the entire facility and continues to operate. The company later purchased and expanded into the building it just sold.

Coffman said Sumitomo invested a lot of capital in the 4039 Calle Platino building for its heavy machinery, so it intends to stay in the facility for a long time.

“When they put machines in they stay,” he said.

According to Coffman, Sumitomo sold the multitenant building, which it owned for three years, because it no longer wanted to be a property manager. Native Bouquet, Amflex Plastics Inc. and Tuned In Sports also lease space in the building.

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Apartment Sale: Beverly Hills-based Universe Institutional Investors recently purchased the 440-unit Ocean Crest Apartments in Carlsbad, which is valued at more than $50 million.

Henry Manoucheri, CEO of Universe Holdings Development Co., would not disclose the sale price due to a confidentiality agreement, but said it is more than $50 million and less than $60 million. The company plans to renovate the property.

Ed Rosen and John Chu of San Diego-based Burnham Real Estate Services represented the buyer and the institutional investor who owned the property.

“We’re trying to make a big foray into the San Diego (County) market. We like the dynamics down there,” Manoucheri said.

The company likes San Diego’s weather, variety of industries, and demographics, he said, as well as the lack of rent control.

Universe Holdings owns two other local properties in Carlsbad and La Mesa. It owns more than 1,000 units in Los Angeles County.

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Triple Purchase: San Francisco-based BRE Properties recently purchased three properties, two of which are in San Diego, for $75 million.

BRE purchased the 216-unit Bernardo Crest in Rancho Bernardo and 208-unit Mission Trails in Mission Valley, along with a 264-unit apartment complex in Riverside.

BRE now owns 28 apartment properties, totaling 7,251 units in Southern California. The company has properties under development in Chula Vista, Santa Ana, Fullerton, Valencia and San Clemente, totaling 1,201 units.

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Home Sales: According to Multiple Listing Service statistics from the San Diego Association of Realtors, the average price of a house in San Diego County increased from $370,260 in May 2001 to $466,597 in May 2002. Median prices increased from $286,000 to $362,500.

For condominiums and townhouses, the average price increased from $222,088 in May 2001 to $277,060 in May 2002. The median price increased from $185,000 to $240,000.

So far this year, home sales in San Diego County total $5.57 billion, compared to $4.21 billion at the end of May in 2001.

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Custom Sites: In a recent release of custom home sites at Santaluz, a 3,800-acre housing development east of Fairbanks Ranch in San Diego, the developers received commitments for 46 sites, totaling more than $31 million in sales.

Priced from $500,000 to $1.6 million, custom home sites range from six-tenths of an acre to more than two acres. A total of 109 custom sites have been offered to date and 74 have been sold.

Laguna Hills-based Taylor Woodrow Homes Inc. and Scottsdale, Ariz.-based DMB Associates Inc., the Santaluz developers, plan to sell a total of 300 custom sites.

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Orchids & Onions: The San Diego Architectural Foundation is seeking nominations for the annual Orchids & Onions awards, which both honors and ridicules architecture, landscaping, planning and design around San Diego County. Entries are due by June 30.

To offer nominations, go to (www.gather. com). The awards will be announced Oct. 24 at an awards event. For information, go to the Web site or call (619) 232-0109.

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First Construction: Dallas-based Centex Homes will be the first to build in Arrowood, a 550-acre master-planned community in Oceanside at the intersection of Douglas Drive and Vandegrift Boulevard. Centex will build 179 houses beginning this summer.

The master developer is Richland Ventures Inc. of Santa Ana. In all, Arrowood will have 1,007 entry level to luxury single-family homes.

Send residential and commercial real estate news to Jackson via fax at (858) 571-3628 or via e-mail at

mjackson@sdbj.com.

Call her at (858) 277-6359, Ext. 114.

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