San Diego Business Journal

SALES

A 6,000-square-foot office building located in Scripps Poway Office Park West at 14265 Danielson St. in Poway has sold for $1,857,000. This is the second building in the office park to be purchased in the last six months. The buyer was represented by Scott Cummings of Independence Realty. The seller was represented by James Duncan and Mickey Morera of Cushman & Wakefield. The buyer plans to use the building for a staffing company. The building was completed in 2002.

- - -

Watermarke Properties, in conjunction with locally based development firm Wermers Properties, has purchased the 113-unit Loma Portal Apartments in the Point Loma area of San Diego for $18.5 million, or $163,700 per unit. The collaboration paid cash for the project, and are continuing to seek large value-add apartment projects throughout Southern California.

- - -

The Shidler Group sold Ruffin Road Business Park for $8.6 million to H.G. Fenton Property. The two-building business park in Kearny Mesa is 45,800 square feet and was 91 percent occupied at the time of sale. Major tenants include United Tote, Access Professional Systems and Nsoro. Nick Psyllos and Paul Komadina of CB Richard Ellis represented both parties. H.G. Fenton also owns Kearny Villa Commerce Center on Chesapeake Drive, Sycamore Grove on Ronson Court and San Diego Business Center on Aero Drive in Kearny Mesa.

- - -

A 406-unit apartment complex in La Mesa sold for $53.35 million, or $131,403 per unit. The 18-acre property with four contiguous apartment complexes near Fletcher Parkway and Baltimore Drive was purchased by Strategic Realty Capital of Los Angeles from the Morris and Barbara Steiman family trust. Dick Bassett, Steve Huffman and Chris Rogers of Hendricks & Partners represented the buyer and seller.

- - -

Sales activity at Park Place South, one of the only office condo projects for sale in San Marcos, has recently picked up, according to Grubb & Ellis|BRE Commercial. Located in the central business district of San Marcos, construction was recently completed on Park Place South and two sales transactions recently closed at the project. Mad Dog Holdings recently purchased a 1,491-square-foot office suite on the third floor and San Marcos Riverview purchased 1,399 square feet of office space on the same floor. Tenant improvements are under way and both companies expect to occupy the building by the end of the year. In both transactions, the seller and buyer were represented by Grubb & Ellis|BRE Commercial's Mark Avilla, Matthew Campbell and Peter Curry. Four more suites are expected to close prior to year-end. The new 24,500-square-foot, three-story professional office building is located at 955 Boardwalk St. and was developed by Pointe Ventures. Park Place South offers a "smart building" design concept in cooperation with AT & T;'s Smart Moves and San Diego Gas & Electric's Savings By Design programs. It allows for immediate access to the main thoroughfares at Las Posas Road and Highway 78.

- - -

The San Diego office of Cushman & Wakefield announces that Centerline Industrial has purchased an 11,422-square-foot industrial building located at 12580 Stowe Drive in Poway for $1,925,000. The buyer was represented by James Duncan of Cushman & Wakefield and plans to occupy the building in early 2009. The seller, Poway I, was represented by Richard Murdock of Commercial Realty Advisers. The building was built in 1990 and features 2,117 square feet of office space and 9,245 square feet of warehouse space with dock and grade-level loading.

- - -

The San Diego office of Cushman & Wakefield announces that Robert and Brenda Kleege have purchased Colony Mobile Plaza, a 2.25-acre mobile home park located at 7440 Colony Drive in La Mesa for $2,525,000. The buyers plan to hold the property as an investment. Both the buyers and the seller, Trustees of the Dutzi Family Trust, were represented by Tim Mills of Cushman & Wakefield. Colony Mobile Plaza, home to approximately 54 mobile home units, is located near the Interstate 8 freeway and El Cajon Boulevard.

- - -

Pala Casino's latest parking structure has been completed with the addition of 568 stalls on four levels. JT Wimsatt provided all the pour-in-place concrete work to support the pre-cast members, including foundations, sheer walls and topping slabs of concrete. This five-month project finished on schedule and was recently opened to the public. Mike Lucio served as superintendent.

, Compiled by Cassandra Dump

LEASES

Medifast has leased 1,750 square feet of retail space in Carmel Mountain Ranch Town Center at 11835 Carmel Mountain Road in Rancho Bernardo from Sudberry-Pardee/CMR #32. The property is leased for five years at $389,904. The lessee was represented by Kevin Cassidy of Epsteen & Associates. The lessor was represented by Aaron Hill and John Jennings of Cushman & Wakefield.

- - -

Cambridge Investments has leased 1,737 square feet of office space at 7777 Fay Ave. in La Jolla from J.N. and Daniel. The property is leased for three years at $168,544. The lessee was represented by Tom van Betten of Cushman & Wakefield. The lessor was represented by Pascal Aubry-Dumand, also of Cushman & Wakefield.

- - -

Brandon Taylor Designs has renewed its lease on 1,290 square feet of office space at 5405 Morehouse Drive in Sorrento Valley from JMK Realty. The property, renewed for two years, had a total consideration of approximately $50,000. The lessee and the lessor were represented by Eric A. Northbrook and Christopher P. High of Cushman & Wakefield.

- - -

Covington & Burling has subleased 11,173 square feet of office space in La Jolla Gateway, located at 9191 Towne Centre Drive in University City from Cushman & Wakefield. This one-year sublease is valued at approximately $300,000. The sublessee was represented by Brian Ffrench of Studley. The sublessor was represented by Eric A. Northbrook, Steve Rosetta and Christopher P. High of Cushman & Wakefield.

, Andrew Schweizer