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Thursday, Jun 8, 2023

Real Estate Roundup

Conservancy Buys Landmark Property in Solana Beach

San Elijo Lagoon Conservancy closed escrow on the well-known Gateway property located on the east side of historic Coast Highway 101 and at the north end of Solana Beach. The acquired property, referred to as the Gateway Park Project, will be used to enrich the popular San Elijo Lagoon Ecological Reserve.

Located across the highway from Cardiff State Beach, the 3.44-acre site has long been sought after by real estate developers and potential property owners. Repeatedly during the past 30 years, the Gateway property was visually distinguished by numerous story poles jutting up from the property, representing the prospect of commercial development on the hotly debated parcel.

To local residents and travelers along the Coast Highway, SELC’s acquisition of the Gateway will mean the preservation of current view corridors. To SELC, it will advance the organization’s function as caretakers of the lagoon, adding conserved space that will make the lagoon healthier.

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Conserving this land as open space will ensure that sweeping views of the ocean and lagoon north to Swami’s and beyond will be maintained forever. SELC’s successful effort to secure the property will halt threats of construction on the site and instead provide an open space park and natural buffer to the lagoon.

Scientists at the conservancy are already evaluating how they will enhance and encourage natural growth of native flora and fauna on the property, as well as nurture various species of the existing wildlife community presently struggling to make a comeback.

Financing for the purchase was pulled together on short notice when SELC got word that the property would be available.  Private individuals who recognized the importance of conserving the site joined together to loan SELC the $3.75 million purchase price. Starting in January, SELC planned to launch a fundraising drive to raise money to repay the lenders.  

Work Gets Under Way on School Humanities Building

Grossmont High School and Grossmont Union High School District broke ground at the construction site of the new humanities building at Grossmont High School in mid-January.

The two-story, 35,000-square-foot building is the largest classroom project in the Proposition U construction program and will add 31 classrooms, replacing eight 1920s-era condemned classrooms and outdated relocatable classrooms.

With an easily accessible entryway for students, the humanities building will provide additional learning space for English, social science, math and special education classes.

Additional work includes construction of an auto shop, tennis courts and related site improvements.

The project team includes program manager Gafcon Inc., architect LPA Inc. and site work contractor Riha Construction.

San Diego Apartment Complex Sold for $15.9M

CB Richard Ellis announced that Klingbeil Capital Management has purchased a 116-unit apartment community located at 7575 Linda Vista Road, in central San Diego from Colima Linda LP for $15.9 million.

Jim Neil, Eric Comer and Merrick Matricardi of the CBRE San Diego Multi-Housing team exclusively represented the seller, Colima Linda LP. The buyer, Klingbeil Capital Management, represented itself.

The property offers four distinct floor plans in studio, one-bedroom and two-bedroom styles that average 667 square feet. Common area amenities include large open grass areas, sand volleyball and tennis courts, a swimming pool and spa, fitness center, clubhouse and a well-equipped common laundry facility. Prior to this sale, the Colima Linda Apartments were owned, maintained and managed by the same partnership since its construction in 1977.

Local Investor Pays $12M For General Atomics Facility

Rancho Santa Fe investor Tim Foley purchased the General Atomics building located on Stowe Drive in Poway. The property includes more than 120,000 square feet of flex/industrial building and 10,000 square feet of office space. The recorded sale was partially financed by Northern Trust Bank. The longtime tenant, General Atomics, is one of San Diego’s largest employers and manufactures many products including the unmanned Predator drone highly used in today’s combat operations for the Air Force and locally by the Border Patrol and Office of Homeland Security. 

The reported sale is estimated to be approximately $12,000,000 and included multiple potential buyers. The buyer was San Diego Investment Properties LLC, which is solely owned by longtime Rancho Santa Fe investor Foley, with offices in Scottsdale and Austin, Texas. The seller of the property was Pacific Office Properties LLC/Invesco. 

Voit Directs $2.9M Sale Of Canyon Terrace

Voit Real Estate Services’ San Diego office has completed the $2.9 million sale of Canyon Terrace, a 28,444-square-foot industrial property located at 9170-9190 Camino Santa Fe in San Diego.

This single-story, flex building includes single and multi-tenant space ranging from 4,274 square feet, according to Randy LaChance, vice president in Voit’s San Diego office.

LaChance worked with Jon Danton, an associate in Voit’s San Diego office to represent the seller, LMC Camino Santa Fe LLC.

The buyer, Prinbo LLC, was represented by Glenn Arnold of Cassidy Turley.


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