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Real Estate Deals: June 17, 2019

4146 Swift Ave., Photo courtesy of ACI Apartments.

Apartment Complex Brings $2 Million

A Normal Heights apartment building has been sold for nearly $2 million.

The 6,420 square-foot building at 4146 Swift Ave. has nine apartments in a mix of four two-bedroom, two-bathroom apartments and five one-bedroom, one-bathroom units.

The property has new vinyl windows and a newer stamped concrete courtyard and nine concrete parking spaces in the front and rear. It also has new gates and railings on all balconies and stairways.

The seller was Robert Fraas, represented by Liz Martin of Sunset Pacific Realty.

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The buyer was WSC Investment Partners LLC, represented by Ricardo Lopez of ACI Apartments.

Otay Mesa industrial building. Photo courtesy of Scott Murphy.

Sold in Otay Mesa Industrial Buildings

A pair of Otay Mesa industrial buildings have been sold for an undisclosed price.

Murphy Development Co. based in San Diego sold the two-building portfolio to LaSalle Investment Management.

The buildings at 8500 Kerns St. and 2600 Melksee St. occupy 14.6 acres within the Siempre Viva Business Park.

Constructed in 2016 and 2019, the buildings in the portfolio feature 28-foot to 32-foot clear heights, wide truck courts, 50 dock-high doors, eight grade-level doors and a low office build-out.

“The sale of our last two buildings at the 2.1 million square-foot Siempre Viva Business Park is bittersweet for us,” said Kaitlin Arduino, executive vice president of Murphy Development Co.

“We’ve had a successful track record in this park, which we started back in the early 2000’s, landing a number of Fortune 500 tenants over the years, including Becton Dickinson and Mainfreight,” Arduino said.

Representing Murphy Development and La Salle Investment Management was an HFF investment advisory team led by Nick Psyllos, senior managing director, and Kara Mathis, senior associate.

Two Industrial Buildings Bring $24.4M

Two Chula Vista industrial buildings have been sold for $24.4 million.

Brandywine Distribution Center at 1670 and 1690 Brandywine Ave was sold by Stos Partners.

The buyer was a partnership of KKR, based in New York, and Alpha Industrial Properties, based in Chicago.

Built in 1987, the two buildings combined have 170,011 square feet of space.

Tenants include SolarCity, Tecnico, Curbell Plastics and Surgical Specialties.

Representing Stos Partners from Cushman & Wakefield were Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Zach Harman with assistance from Ryan Sprading and Brant Aberg, also of Cushman & Wakefield.

“Brandywine Distribution Center is a best in class, multitenant distribution project in an industrial-centric submarket,” Aberg said. “The project is leased to a highly diversified tenant mix catering to defense contractors and regional and local companies, providing stable in-place income with attractive lease terms and a well-balanced tenant rollover profile. That, combined with being in a high demand market with strong rental growth potential, presented a rare opportunity to acquire a sizable multitenant industrial portfolio in Chula Vista, one of the most desirable investment markets in San Diego.”

5060 Hazeltine Ave., Photo courtesy of CoStar.

HFF Secures Financing for Apartment Deals

The San Diego offices of HFF secured financing for the sale and renovation of two Los Angeles apartment buildings for an undisclosed price.

The buildings are in the Sherman Oaks neighborhood at 5008 Hazeltine Ave. and 5060 Hazeltine Ave.

The buyers were NextGen Apartments LLC based in El Segundo with offices in San Diego and Hanover Financial LLC, based in Los Angeles.

Combined, the two apartment buildings have 36 apartments averaging 1,044 square feet with 36 covered parking spaces.

“Our joint venture seeks value-add multifamily opportunities throughout Southern California that require significant repositioning through improved property management and capital improvement,” said Steven Ludwig, co-founder of NextGen Apartments.

Securing the loan was the debt placement team of HFF (Holliday GP Corp.) led by Managing Director Patrick Burger and Associate Bharat Madan.

Stos Partners Sells Building for $9.1M

Stos Partners based in San Diego has sold a San Dimas office building for nearly $9.1 million.

The two-story building with 50,634 square-feet of offices at 650 W. Cienega Blvd. was sold to a trade union.

“This was an opportunistic purchase we made in early 2017 that provided tremendous upside potential based on the property’s strong fundamentals,” said CJ Stos, principal of Stos Partners.

“The single-tenant building had been fully occupied by a vocational school. However, the prior owner underwent a bankruptcy and the property was placed in receivership,” Stos said. “ Based on a close broker relationship, our team was able to make the first offer, secure the property and close quickly, achieving a price that was less than half of the estimated replacement cost.

Stos said his firm bought the building for $5 million.

Taylor Ing at Newmark Knight Frank represented Stos Partners.

Brandon Burns of Cushman & Wakefield represented the buyer.

296 H St. Photo courtesy of Pacific Coast Commercial.

Medical Office Building Sells for $4 Million

A Chula Vista medical office building has been sold for $4 million.

The 14,544 square-foot building at 296 H St. was sold by Chula Holdings LLC.

The buyer was 295 H LLC.

Mary Kay Bier of Kidder Mathews represented the seller.

The buyer was represented by Shirley Kanamu, a senior advisor at Pacific Coast Commercial.

“The multitenant office building represented an owner/user opportunity for a group of medical professionals to purchase a high quality/image building at the prime downtown Chula Vista location of Third Avenue and H Street, directly adjacent to the regional health care facility, Sharp HealthCare,” Kanamu said.


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