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Real Estate Roundup

Gafcon Awarded Phase Two Of L.A. Women’s Center

The Downtown Women’s Center selected Gafcon Inc. to provide project management services for the renovation of its residential building at 333 S. Los Angeles St. Upon completion, the new building will expand DWC’s capacity to provide affordable housing and support services to homeless women in Los Angeles County.

Originally built in 1917, renovations to the 24,000-square-foot, three-story building will include upgrades to each of the 48 resident units, renovation of all bathrooms and kitchens, re-plumbing of the entire building, a new HVAC system, complete roofing replacement and the addition of solar panels. DWC and the project team designed many of the upgrades to increase the rehabilitated building’s energy efficiency.

This is Gafcon’s second project for DWC. Gafcon previously served as project manager for the renovation of DWC’s facilities located at 442 S. San Pedro, which was completed in December 2010.

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“Gafcon’s team demonstrated a comprehensive understanding of the needs and expectations for the first phase of DWC’s renovation projects,” said Lisa Watson, executive director of Downtown Women’s Center. “We are confident they will execute the second phase with the same efficiency as we continue to serve women in need throughout Los Angeles.”

“The first project at DWC enhanced the community by providing a safe environment for homeless women in Los Angeles, but the need for shelter is continuing to grow,” said Yehudi “Gaf” Gaffen, CEO of Gafcon. “We are thrilled to continue our work with the organization to provide more secure housing to meet the needs of the Downtown Women’s Center.”

DWC is a historic landmark that provides a safe environment to women impacted by poverty, providing them with necessary resources to maintain a healthy lifestyle. With more than 16,000 women without homes in Los Angeles County, the Downtown Women’s Center serves a critical role in preserving the lives and futures of women on Skid Row.

For more information about Gafcon and its award-winning project management services, visit www.gafcon.com.

El Cajon Multifamily Property Sells for $1.2M

Colliers International of San Diego announced the sale of an 11-unit residential, gated property, located at 288 Orlando St. in El Cajon for $1,200,000 or approximately $109,091/unit. Built in 1978, the unit mix is comprised of 10-2BR/1BA and 1-3BR/2BA. JP Morgan Chase Bank provided a loan of $600,000.

Peter Scepanovic and Corey McHenry of Colliers International represented the seller, OEC Property LLC and the buyer, Patrick J. Weisenberger, was represented by Joe Siemienowski of Siemienowski & Associates.

According to Peter Scepanovic of Colliers International, “This property represents an excellent rental investment, and we continue to see multifamily properties in the San Diego area continue to attract long term investors.”

BCL Buys Regents Park Center For $28.95M

In its second major commercial real estate acquisition in just two months, a joint venture of BCL Inc. of San Diego and Fargo Investments LP has purchased Regents Park Financial Center, a Class A office building in the University Towne Centre area of San Diego, for $28.95 million.

“Regents Park Financial Center is a Class A asset in a premier San Diego office submarket with a consistent track record of strong demand fundamentals,” said Casey Brown, president of BCL. “This building features a prominent location on La Jolla Village Drive with easy freeway proximity and the synergy that comes from being in the heart of a market dominated by many of San Diego’s finest firms.”

Located at 4180 La Jolla Village Drive near the Regents Road intersection, Regents Park Financial Center totals 95,811 square feet in five stories.

With the purchase, BCL Inc. has acquired $130 million of real estate in San Diego since December 2011, bringing its portfolio of office and industrial space to 1.4 million square feet. BCL’s 2012 acquisitions accounted for greater than 10 percent of all sales transactions in San Diego County over $10 million.

BCL plans to implement a number of capital improvements to the building, including upgrading the lobby, renovating the exterior entrance façade, implementing a new energy management system, and seeking LEED certification. Existing amenities include on-site showers and lockers, subterranean and surface parking with a generous 3.6/1000 parking ratio, and walking distance to a variety of amenities for tenants.

“We are actively and aggressively looking to acquire quality office and industrial assets throughout Southern California and Arizona,” said Steve Bollert, chief investment officer. “We are excited about growing our portfolio with more properties that fit our parameters and allow us to add value not only for our tenants and investors, but for the communities in which our properties are located.”

In the transaction, all parties were represented by Adam Edwards of Eastdil Secured.

Previous Toyota Dealership Property in Escondido Sold

The North County office of Colliers International announces the sale of 3.71 acres of commercial land, previously a Toyota dealership, located at 999 N. Broadway in Escondido for $2,360,000.

Bill Barnett and Doug Hogan of Colliers International represented both the seller, Garrick Motors, and the buyers, Pacific Development Partners.

The property has Highway 78 frontage with general commercial zoning. Pacific Development Partners plans re-development of property into a retail shopping center.

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