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Sunday, Apr 21, 2024

Real Estate Roundup

Balfour Beatty Breaks Ground on School

The Sweetwater Union High School District and Balfour Beatty Construction broke ground recently on new additions to Montgomery Middle School.

Balfour Beatty Construction is constructing a $20.7 million, 37,500-square-foot facility consisting of five new buildings, two of which are two-story classroom buildings containing 18 classrooms total, along with a counseling center, library, cafeteria and covered lunch area. The project also requires the demolition of several existing buildings including classrooms, a cafeteria and library.

Designed by LPA Architects, the project includes several energy conservation techniques that will help the building achieve a LEED Platinum rating.

The facility will exceed state energy efficiency standards by almost 40 percent, providing ongoing district savings in the form of lower energy costs.

“One of the priorities of the board members has been to not only build new schools, but to also build them in a way that benefits the environment and focuses on conservation,” said Pearl Quinones, president of the Board of Trustees for the Sweetwater Union High School District. “This project sets an example that green schools are healthy schools and they enhance the learning environment,” Quinones added.

The Palms of La Mesa Sells for $7.7M

The San Diego and North County offices of Colliers International announce the sale of a 65,046- square-foot, 78-unit residential apartment building, located at 7481 & 7487 Mohawk St. in La Mesa, for $7,683,000.

The buyer, The Palms of La Mesa Apartments LLC, was represented by Peter Scepanovic and Corey McHenry of Colliers International. Rita Lancaster-Hannah of Colliers International represented Blue Corner Capital, Monroe Trust and Jim Purdy, the sellers in the transaction. Andrew Gilligan of Chase Bank provided financing.

“We’re seeing strong investor demand for well managed apartment properties in San Diego County, for long term investment,” commented Scepanovic. “This property is well-occupied and located in a good East San Diego County location.”

The Palms of La Mesa consists of two adjacent parcels of 38 units and 40 units situated on Mohawk Street in the neighborhood of La Mesa in San Diego.

CBRE Closes 60-Month Lease

CBRE announced that Institute for Public Strategies leased 6,222 square feet of office space at Pepper Tree II, 2615 Camino Del Rio South, in the Mission Valley submarket of San Diego. The 60-month lease is valued at $735,821.

Nick Bonner of CBRE represented the lessor, TacWest Holdings LLC. Dottie Surdi of Sperry Van Ness represented Institute for Public Strategies. The lease takes the 24,764-square-foot building to 100 percent occupancy for the second time since Bonner took over the listing. Other new tenants to the project include The Hughes Law Firm leasing 4,811 square feet and Maloney Wilding Foundation leasing 1,609 square feet.

“Even in this difficult market, Nick was able to bring a lot of tenants to our building. His energy not only brought tours to the building but brought deals together and by his hard work and dedication we were able to get our building back to 100 percent occupancy,” said building owner Paul Taccone.

The Mission Valley market is comprised of over 6 million square feet of office space with a 13.2 percent overall direct vacancy rate. The Class C market currently stands at 16.2 percent direct vacancy.

Colliers International Signs Lease with Qualcomm

The San Diego office of Colliers International announced that Qualcomm Inc., a leading developer and innovator of advanced wireless technologies, has signed a 72-month lease for 46,411 square feet of office space at 5505 Morehouse Drive. The property is a part of a closed-end fund managed by Grosvenor Fund Management based in Philadelphia.

The property ownership was represented by Tom Mercer, Ty Moffatt and Scott Moffatt of Colliers International. Qualcomm represented itself in the transaction.

“This lease brings the building to 100% leased. The landlord looks forward to having Qualcomm as a tenant in the project,” commented Ty Moffatt, senior vice president of Colliers International.

5505 Morehouse Drive is a three story office building adjacent to Qualcomm’s headquarters in Sorrento Mesa. The building features a newly renovated common area, work-out facility, showers and locker rooms.

Hamann Construction Purchases Third

Otay Mesa Property

CBRE announced that JJB Silverhawk purchased 16.6 acres of finished commercial land in Otay Mesa for $3.8 million. Located at the southeast corner of Otay Mesa Road and Ailsa Court, the lot is currently entitled for 335,000 square feet of warehouse and manufacturing space. The site is also adjacent to a new section of State Route 905 that opened to I-805 and I-5 on July 30.

Rob Hixson and Rich Kwasny of CBRE represented both the buyer, JJB Silverhawk, a Hamann Construction partnership, and the seller, South Bay Distribution LLC. First American provided escrow and title services with Lynn Graham coordinating escrow and Mike Vinti and Jim Sardo handling title. Kelly Pearl was the exchange counsel with California Bank and Trust.

Wermers Breaks Ground On New Projects

Wermers Cos. breaks ground on a new project Avena Bella. Located in Turlock, this affordable housing project will offer much needed new housing directly across from an elementary school and nearby shopping center. The architect on the 80-unit project is the Dahlin Group. Vice President Richard Wood is leading the Wermers team on this project with Kevin Hanson as superintendent and Tracey Colmenero as site coordinator.

In July, Wermers completed framing on three projects slated to open in 2013. The first is Monte Vista II, which is being built in Murrieta, just North-East of San Diego. This project is being constructed at the northeast corner of Jefferson Avenue and Juniper Street and developed by San Diego firm Affirmed Housing. In addition to this project, Wermers also finished framing on Forester Square in Santee. These two projects will provide much needed new apartments for families in Southern California. Vice President Richard Wood is leading the Wermers team on these two projects with Ken Maskevich and Rodney Short as superintendents and Jamie Falcon and Jamie Mims as site coordinators.

The 404 unit Artisan project located on14.3 acres in Corona also recently completed framing. This project will offer luxury apartment living just steps from the Corona Metro Link and freeways. The project is scheduled to be complete in early 2013. Vice President Barry Weber is leading the Wermers team on this project with Sam Dawly as project manager, Rafael Bedolla and Ernie Johnson as superintendents and Heather Rideau as site coordinator.


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