Zephyr Partners Adds to Its Residential Portfolio
Zephyr Partners — a San Diego-based real estate development and investment company with a focus on residential assets — has announced plans to build a new enclave of luxury beachfront condos in downtown Carlsbad.
The 35-unit community at 2303 Ocean Street, existing within 13 two-story buildings, will feature two and three bedroom homes and 2.5 to three baths with approximately 2,210-square feet of living space. Every home will have a private deck and access to a common clubhouse/meeting facility with BBQ area, swimming pool, spa and fitness center. The project is situated on 3.05 acres at the northerly side of Ocean Street, west of Mountain View Drive. The condos will have broad and unobstructed views of Buena Vista Lagoon and the Pacific Ocean.
“We’ve developed these units with a number of variations and style plans, which brings more choices and diversity to the project,” said Brad Termini, co-CEO of Zephyr Partners. The seven luxury buildings will be developed over a single level, 82-space subterranean parking garage.
The property, currently home to a 51-unit apartment complex, was purchased by Zephyr Partners in 2011 and construction is expected to begin June 2013.
Equity is being provided by George Smith Partners.
Voit Facilitates 23 Leases For H.G. Fenton Properties
Since H.G. Fenton Co. acquired four National City industrial projects in a single transaction in June 2012, Voit Real Estate Services Inc. has facilitated 23 new leases bringing the 610,000-square-foot portfolio to the 95 percent leased mark.
“The H.G. Fenton Co. reputation for responsible management practices is very appealing to businesses looking for space as well as for the communities in which Fenton projects are located,” said Michael Mossmer senior vice president with Voit Real Estate Services. “Tenants in particular like knowing that their work place is owned and managed by a company with a long-term commitment and this confidence certainly has played a role in the successful leasing activity at these projects.”
H.G. Fenton Co. acquired the portfolio from Collins Development Corp. for $49 million as part of its continuing efforts to provide San Diego businesses with quality, well-located and well-managed workplaces. The projects, which include Southland Industrial Park, Southport Industrial Park, Southport Commercial Park and Southport Office Park, represent H.G. Fenton’s expansion into the South Bay area and bring its countywide portfolio to 4 million square feet.
The National City portfolio was 89 percent leased at the time of H.G. Fenton Co.’s acquisition, and the company’s goal was to stabilize the property with a 95 percent occupancy rate within one year.
“We manage our properties with a focus on meeting our tenants’ needs through responsive service and work environments that support their businesses,” said Kevin Hill, vice president of leasing and commercial acquisitions with H.G. Fenton Co. “With the assistance of the Voit leasing team of Michael Mossmer and Curt Perry, we are delighted to have achieved our goal ahead of schedule. Most importantly, we are very pleased to serve these new and renewing companies with the H.G. Fenton Co. tradition of responsible family ownership.”
According to Perry, senior associate with Voit, “This portfolio represents a tremendous opportunity for companies wanting to be near downtown with great freeway proximity and access to a diverse workforce in the South Bay. Tenants in the project enjoy a high level of synergy that comes with being part of an established business environment that caters to small and mid-sized businesses.”
The leases negotiated by the Voit team on behalf of H.G. Fenton Co. total 52,000 square feet. New tenants include e Concepts Event Designs, PAR Marine Services, CALTROP Corp. and Valkyrie Enterprises.
The National City projects, which are bounded by I-5 on the west, Hoover Avenue and Mile of Cars Way, offer a variety of light industrial, warehouse, office as well as commercial and food uses.
County Leases Office SpaceIn La Mesa AAA Building
The County of San Diego, Health and Human Services Agency has leased 32,044 square feet of office space located at 8765 Fletcher Parkway in La Mesa. The initial lease term was for 132 months with a total consideration of $9,250,000.
The Lessee, County of San Diego, Health and Human Services Agency, was represented by Tambra Martinez and Shawn Lorentzen of Jones Lang LaSalle. The Automobile Club of Southern California, the Lessor, was represented by Doug Ceresia, Josh Buchholz and Matt Midura of NAI San Diego | Office Property Group.
Ceresia, senior vice president of NAI San Diego’s Office Property Group, said that “The County will be using the leased office space for a call center. Of all the options available, The Automobile Club of Southern California’s building in La Mesa offered the best fit for their use and parameters.”
Ceresia added, “The Automobile Club plans to remain in the building, serving their members in the La Mesa community as they have since they built the building in 1988. As a result, The Autoclub was very selective on whom they wanted to co-locate with in their location and are thrilled to have the County of San Diego as a tenant but more so as a good neighbor for years to come.”
Local Developer Plans $38M Apartment Project in Santee
San Diego-based developer JMR Properties Inc. plans to begin construction in the second quarter on a new $38 million apartment project in Santee.
The general contractor for the 172-unit development is West America Corp. of San Diego, which was recently awarded a $21 million construction contract. A statement from West America said the development, called Parc One @ Santee, is planned for the corner of Cuyamaca Street and Town Center Parkway, near the San Diego River and the Santee Trolley Town Square retail center.
The community is being designed with energy-efficient and resort-style amenities, with completion set for summer 2014.
The project’s design team is led by O+L Architects. Santee city officials approved the project in late 2012.