Hillcrest Shopping Center Purchased for $81.1M
The Mansour Group of Marcus & Millichap has facilitated the sale of the Uptown District Shopping Center to Regency Centers Corp.
This 148,638 square-foot mixed-use retail center, located at 940 University Ave. in San Diego’s Hillcrest neighborhood, was one of the pioneer properties of mixed-use developments in Southern California. The center commanded a sales price of approximately $81.1 million, making it the largest retail transaction in San Diego County in 2012.
This high profile institutional grade asset is a one-of-a kind dual grocery anchored center located in San Diego’s up-market urban in-fill Hillcrest neighborhood. This high-barrier to entry location coupled with a strong lineup of national tenants (including daily needs, lifestyle, and dining categories) provides a retail destination for the 547,000 residents that live within a five-mile radius.
The center has a lineup of national tenants that includes Ralphs, Trader Joe’s, Wells Fargo, Panera Bread, Starbucks and many more. The shopping center’s tenants are on long-term escalating leases that provide stable in-place cash flow with a strong continued growth potential.
“The sale of Uptown District Shopping Center exemplifies the unwavering demand for trophy assets in major metropolitan markets,” said Alvin Mansour, principal of The Mansour Group. “Although there has been an overall uptick in sales volume for retail properties, the increase in demand for multitenant properties has been magnified in the grocery anchored segment. We are confident that Regency Centers will continue the historical success associated with the ownership of a nationally recognized Class A asset.”
SDHomes Buys Morena Office Building
Cushman & Wakefield Inc. announced the sale of the 2437 Morena Blvd, San Diego to SDHomes for $1,575,000. The seller, JT&T Inc., was represented by Marc Posthumus and Christopher P. High of Cushman & Wakefield. The buyer, SDHomes represented themselves.
The 10,296-square-foot, 2-story office building is currently the tallest building in Morena. The height allows for outstanding freeway signage and visibility as well as views of Mission Bay. The building is conveniently located in central San Diego with access to the I-5 and I-8. The buyer, SDHomes is planning an extensive renovation of the property and will use the space as its corporate headquarters.
Building Sold for $2.1M at Britannia Corporate Center
Cassidy Turley San Diego announced that it facilitated the sale of building three at Britannia Corporate Center in Otay Mesa for $2.1-million.
Located at 7565 Siempre Viva Road, the 29,000-square-foot industrial building is situated on approximately 1.64 acres of land.
Erik Parker and Darren Mullins of Cassidy Turley represented the seller, Robert Y. and Judy Hsu, in the transaction. The buyer, Saint Andrews LLC, was represented by Raul Padilla of Coast Commercial Brokerage Inc.
“The owner/user building sale market in Otay Mesa experienced a flood of activity in 2012,” said Parker. “This increase in activity has limited the supply of high-quality industrial buildings available for sale in Otay Mesa. This sale represented one of the few remaining options for a high-quality building in Otay Mesa and has contributed to the steady improvement and recovery of building values.”
“Since this time last year, the average sale price for industrial buildings of this quality has increased by an impressive 20 percent,” Mullins said. “The sale market will continue to improve with a shrinking inventory of high-quality buildings and increasing demand.”
Encinitas Residential Lots Sell for $6.2 Million
The San Diego office of Colliers International announces that two contiguous lots totaling 7.73 acres located at 680 Normandy Drive and 110 Urania Drive in Encinitas have sold for $6,210,000.
The seller, Faith Community Church, and buyer, City Ventures LLC., were represented in the transaction by David Santistevan and Ciara Layne of Colliers International.
The proposed project is for 28 residential lots which includes two affordable housing units. Each of the lots is approximately 10,000 square feet with home plans ranging from 3,200-5,400 square feet.
City Heights Complex Fetches $2 Million
ACI Apartments announced the sale of a 26-unit complex in the City Heights neighborhood of San Diego. The 18,753-square-foot property, located at 4044 Estrella Ave., was purchased by Walz Family Trust for $2,025,000.
Dave Savage of ACI represented the seller, Nguyen Trust. The buyer was represented by David LeBeau of LeBeau Realty Advisors.
Estrella Gardens is a gated property which features nine garages. ACI has handled the sale of this property 4 times since its construction in 1982.