Miramar Industrial Building Sells for $10.2 Million
Cassidy Turley San Diego announced that it facilitated the sale of an 85,180-square-foot industrial building located at 9115 Activity Road in Miramar for $10.2 million or approximately $120 per square foot.
Bryce Aberg, Brad Tecca and Brant Aberg of Cassidy Turley represented both the seller, Miramar Activity Corp., c/o American Realty Advisors, and the buyer, Keire SDA LLC, in the transaction.
“This was the largest building purchase by an owner who will also occupy the building in the Miramar submarket in 2012, demonstrating that the overall central San Diego market and activity in Miramar specifically is improving,” said Bryce Aberg. “The building was originally marketed for sale or lease and will be used for the sale and service of Porsche, Audi and Land Rover vehicles.”
Palm Terrace Condos Sell for $2.3 Million
CBRE San Diego announced that Karnazes Family Trust purchased 19 units at Palm Terrace Condominiums in the Normal Heights neighborhood of San Diego for $2.3 million. Located at 4654-4670 33rd St., Palm Terrace Condominiums was built in 1956 as a 28-unit apartment complex and was converted to condominiums in 2007.
Merrick Matricardi, Eric Comer and Jim Neil of CBRE San Diego represented the seller, Owens Financial Group Inc. Seth O’Byrne of Troop Real Estate represented the Karnazes Family Trust. The 19-unit bulk sale was a lender REO transaction. According to CBRE’s Matricardi, multifamily REO sales are tapering off from previous years.
“We are seeing a dramatic decline in lender REO multifamily sales over the last several quarters. In 2011, our team closed 11 lender REO transactions compared to only three so far this year, partly due to the strength of the San Diego multifamily market and the Midtown submarkets in particular,” Matricardi said. “Multifamily values and transaction volume of traditional sales in Midtown have increased significantly over the last 12 to 18 months.”
The 19-unit bulk sale has a unit mix of studios, one-, two- and three-bedroom units totaling 12,080 rentable square feet. The existing DRE Final Subdivison Public Report and Final Map allow the units to be sold individually. The property underwent an extensive renovation in 2007 with each unit including granite countertops, black appliances, walnut finished cabinets and decorative lighting.
Matricardi expects only a couple more lender REO multifamily sales to close countywide this year. “We have one additional lender REO transaction in escrow and the overall REO pipeline is closing down as traditional sales gain momentum.”