San Diego Business Journal

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Photo courtesy of Architects Mosher Drew Construction is complete on the new 4,400-square-foot Booth Education Building in Ocean Beach that was designed by Architects Mosher Drew. The building is part of the existing clubhouse designed by the architects in the 1990s.

New Facilities Serving Youth in the Community

Architects Mosher Drew announces that construction is complete on the new Booth Education Building at the Barnes Jr. Tennis Center in Ocean Beach. This 4,400-square-foot facility is designed to house the Tennis and Education Program for preschool age children. The building includes three classrooms with a central art area, homework assistance / computer room for older children, break room and lounge, associated storage and restrooms. Adjacent to the building is a new playground and play structure for the children.

The building, oriented to take advantage of the mild climate’s ocean breezes, utilizes many sustainable design principles such as natural day lighting, operable windows, recycled materials, and efficient mechanical and electrical systems.

The Booth Building joins the existing 11,000-square-foot clubhouse building designed by Architects Mosher Drew in the 1990s. The Barnes Jr. Tennis Center, owned and operated by Youth Tennis San Diego, is dedicated to the youth of San Diego by giving children 18 and under priority over the Center’s 25 tennis courts, volleyball court and basketball court.

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Photo courtesy of Colliers International Blue Corner Capital purchased the remaining two-thirds of a 32-unit apartment community in San Diego for $3.65 million as part of a 1031 exchange.

Apartment Community Sells For $3.65 Million

The San Diego office of Colliers International announces the sale of a 20,758-square-foot, 32-unit apartment community located at 3162 Monroe Ave., San Diego for $3,650,000.

The sellers, Double RP Investments LLC and AMB Capital, were represented in the transaction by Rita Lancaster-Hannah of Colliers International and Robert Weinberger of RJW Properties. The buyer, Blue Corner Capital, was also represented by Rita Lancaster-Hannah.

Blue Corner Capital already owned one-third of the property as a tenant-in-common. Blue Corner purchased the remaining ownership interest as part of a 1031 exchange.

Built in 1972 by Ray Huffman, the property is located in the Normal Heights neighborhood. The building was designed as a two-story courtyard-style project that offers a mix of 26 one-bedroom/one-bathroom units and six two-bedroom/one-bathroom units.

Financing was provided by Team Gilligan at Chase Bank, while escrow was handled with Chicago Della Du Charme’s team, and the title was with Fidelity National Title.

Units in University Heights Sold for $915,500

ACI Apartments is pleased to announce the recent sale of a five-unit complex in the University Heights neighborhood of San Diego. The 2,818-square-foot property, located at 4532-42 Campus Ave., was purchased by Margaret V. Woolley Trust for $915,500. Terry Taylor of ACI represented the seller, Elizabeth Lopes. The buyer was represented by Jeff Malik of San Diego Apartments.com Inc.

The property is located in the heart of University Heights, west of Park Boulevard. The kitchens and bathrooms have all been upgraded in the last 20 years; also, the sewer system, plumbing, water heaters and most of the electrical have been replaced. The property features gated access, five garages, separate patios and water heaters for each unit and is individually metered for gas and electric. The large lot features a sizable courtyard area with barbecue. The unit mix consists of three two-bedroom, one-bath units and two one-bedroom, one-bath units.

Swift Avenue Apartment Sells for $1.295 Million

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Photo courtesy of Colliers International A seven-unit, gated apartment community on Swift Avenue in San Diego sold recently for $1.295 million.

The San Diego office of Colliers International announced the sale of a 5,554-square-foot apartment building located at 4114 Swift Ave., San Diego for $1,295,000.

The sellers, Carolyn A. Kutzke Trust, Karen Ann Kapp Trust, and Evanne D. Lill Trust were represented in the transaction by Rita Lancaster-Hannah and Savvas Marinos of Colliers International. The buyers, William Hicks and Anna Hicks, were represented by Elizabeth Heller of Achievers Realty. Financing was provided through Opus Bank by CJ Donovan.

The seven-unit, gated building is comprised of one one-bedroom/one-bathroom, five two-bedroom/one-bathroom, and one three-bedroom/one-bathroom units. Building amenities include fireplaces in each unit, common laundry room, both open and covered onsite parking. Units were at 100 percent occupancy at the time of sale.

“The apartment market is extremely tight for buyers at the moment,” said Lancaster-Hannah, vice president of Colliers International San Diego. “In most listings we are getting several qualified offers and selling properties at full asking price.”

Normal Heights Apartment Sells for $2.225 Million

The San Diego office of Colliers International announced the purchase of an 11,244-square-foot, 18-unit residential apartment building, located at 4626 Bancroft St. in San Diego for $2,225,000.

The building has an excellent Normal Heights location, gated entry, tropical landscaping, courtyard, and garage parking. Built in 1969, the property has 16 one-bedroom and two, two-bedroom residences.

The buyer, Blue Corner Capital LLC, was represented by Rita Lancaster-Hannah of Colliers International. William R. Anderson of ACRE represented Casa Del Rio LLC, the seller in the transaction. The loan was facilitated by Team Gilligan at Chase Bank, while escrow was handled with Chicago Team Lo Coco.

Apartment Property In San Diego Sold

The 38-unit apartment complex at 4823 68th St. in San Diego has been sold for $5,200,672. All units are two-bedroom / two-bath of approximately 1,000 square feet.

The buyer was 68th Street LLC, with Carolyn Kutzke as its managing member.

The seller of the property was Phair Properties LLC and the Franovich Trust.

Financing for the transaction was provided by Andrew Gilligan of JPMorgan Chase Bank with a loan of $3,800,000.

Escrow services were provided by Teresa McElaney of Chicago Title Co.

The seller was represented by Tim Rhea of Rhea Properties.

The buyer was represented by Dixie Hall of CB Richard Ellis.

Miramar Building Sells for $2.1 Million

The San Diego office of Colliers International announced they have completed the sale of an industrial manufacturing building located at 7505 Trade St. in San Diego for $2,100,000.

The 17,210-square-foot building built at a prime location in the Miramar area was built in 1979. Colliers International brokers Arnie Friedman and Evan McDonald represented the seller, G. E. Capital, as well as the buyer, 7505 Trade St. LLC., dba United Auto Body.

Locally owned and operated for more than 20 years, United Auto Body performs high-end auto body repairs and restoration.