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Real Estate Roundup

El Cajon Auto Body Sells for $2.03M

The Gunter Family Trust has purchased a 15,877-square-foot fully-leased automotive property for $2,037,000. The building, which is located at 332 N. Johnson Ave. in El Cajon, has been leased to Caliber Collision Centers since August 2000.

The seller, Coneen Family Trust, was represented by Mark Silverman and Jason Smithson of NAI San Diego. The buyer was represented by Guy Laferrara of the Irvine Branch of Lee & Associates.

La Costa Town Square Lots Sold for $5M

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The San Diego office of Colliers International announces that 32 residential lots located on 7.76 acres in Carlsbad have sold for $5 million. The property is located on the west side of Rancho Santa Fe Road just north of La Costa Avenue.

The seller, Property Development Centers LLC, was represented in the transaction by David Santistevan, Gunder Creager and Ciara Layne-Trujillo of Colliers International. Property Development Centers is a wholly owned subsidiary of Safeway Inc. The property was purchased by Taylor Morrison Home Corp.

The 32 single-family detached residential lots are 4,500 square feet each with planned homes sizes ranging from 1,800 to more than 2,400 square feet. Homes in the project will feature ocean views.

This property is a part of the La Costa Town Square project, a mixed-use center that includes an approximately 253,800-square-foot community shopping center anchored by a new Vons Lifestyle store. Last year, David Santistevan, Gunder Creager, and Ciara Layne-Trujillo of Colliers International represented Property Development Center LLC in selling the 63 residential lots portion of the planned development to Davidson Communities.

Apartment Units in Normal Heights Sold for $620,000

ACI Apartments announced the recent sale of a five-unit complex in the North Park neighborhood of San Diego. The 7,000-square-foot property, located at 3607-3617 Wightman St. and 3789 36th St., was purchased by Peter Nguyen for $620,000.

Brian Raynoha of ACI represented the buyer. The sellers, Toma Investments Inc., were represented by Daniel Cote of San Diego Investment Broker.

This complex is comprised of three one-bedroom/one-bath units, one two-bedroom/one-bath unit and one three-bedroom/one-bath unit. Property highlights include private yards, four garages, storage and a raised foundation.

Oceanside Apartments Sold For $4.17 Million

The CBRE San Diego multifamily team of Jim Neil, Eric Comer and Merrick Matricardi facilitated the sale of a 40-unit apartment complex in Oceanside.

Located at 1202 Missouri Ave., the five-building apartment complex sold for $4.17 million.

The property is located west of I-5 approximately one-half mile from the ocean and includes a mix of 23 one-bedroom units, nine two-bedroom units, eight two-bedroom townhome-style units and 32 one-car detached garages.

Neil, Comer and Matricardi represented the seller, Lucy Nannizzi. Avezta Equity Inc. represented the buyer, DJ&E Investments LLC.

According to Matricardi, San Diego multifamily investment market fundamentals are reaching pre-recession levels. “With strong occupancy rates and increasing rents across the region, multifamily cap rates for stable properties, even in secondary submarkets, are becoming more attractive for investors,” Matricardi said.

Mission Hills Multiunit Apartment Sells for $959,000

Renovation Realty announces the sale of a multiunit apartment building in Mission Hills. The four-unit property located on Reynard Way sold, after renovations, for $959,000.

The seller, Wayne R. Holder, contracted with Renovation Realty to upgrade the property, which was originally built in 1986. Renovation Realty uses its own capital for the renovation, completes the renovation and puts the house on the market. Renovation Realty is reimbursed for this service when it is paid on the sale of the property through escrow, plus commission on the sale.

The “as is” sales price before renovation was estimated between $665,000 and $685,000. Renovation Realty spent $123,000 on renovations, and listed the property at $959,000. The building sold at list price to Morgan Multiple Holding Co. LLC.

Amy Lujan and Robin Gunning of Management Solutions represented the buyer. Renovation Realty represented the seller.

Flip Force San Diego Signs 7-Year Lease in Miramar

The San Diego office of Colliers International announces that Flip Force San Diego Inc. has signed an 84-month lease for 16,387 square feet of retail space located at 9212-9292 Miramar Road in San Diego. The total value of the lease is $1,153,973.

The lessee was represented by Tom Wilcox, senior vice president of Colliers International. The lessor, Peckham Properties, was represented by Jim Hamilton of Sentre Partners.

Flip Force San Diego, an elite level multisport competition gym designed for children and adults, plans to locate their new facility in the shopping center with a proposed move-in date of July 2013.

La Mesa Kiowa Apartments Sold for $1,050,000

A six-unit apartment complex located at 5545 Kiowa Drive in La Mesa has been sold for $1,050,000.

The sale between the buyer, 5545 Kiowa LLC, and the seller, Charles L. Tatman, was arranged by Jack Nooren and Terry Broderick of NAI San Diego. Escrow was handled by “The LoCoco Team” of Chicago Title. Derek Hernandez of JP Morgan Chase Bank facilitated the loan for the sale.

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