Liberty Station Receives International Recognition
Liberty Station, a mixed-use development on the site of the former Naval Training Center, was recently awarded the prestigious international 2011 Prix d’Excellence Award. The International Real Estate Federation, or FIABCI, a respected professional real estate organization, presented an award to the San Diego development for Best Master Plan.
The award was only one of two given to candidates from the United States. Fifteen awards were given from entries submitted from throughout the world.
Projects are assessed on a number of disciplines involved in their creation.
“By recognizing outstanding achievements not only in real estate design, but in all aspects of a project from planning and execution to environmental impact and community benefits, the FIABCI Prix d’Excellence Awards perfectly embodies the spirit of FIABCI,” said Enrico Campagnoli, immediate past FIABCI World President.
The award was formally presented to Janice Weinrick, deputy executive director of the City of San Diego Redevelopment Agency, on behalf of the city, before the full City Council.
“To date, Liberty Station has generated $26 million of tax increment, and over $6 million of transient occupancy tax,” said Scott McMillin, chairman of The Corky McMillin Cos.
In conjunction with the City of San Diego, The Corky McMillin Cos. developed Liberty Station, transforming the former Naval Training Center into one of San Diego’s largest and most successful redevelopment projects.
The 361-acre Liberty Station community includes 125 acres of parks and open space, shopping villages and restaurants, a 28-acre civic, arts and cultural district; the nine-hole Sail Ho Golf Club; two hotels; and six schools. Nearly 350 families now reside at the pedestrian-friendly Liberty Station and dozens of companies, with hundreds of employees, are doing business there.
“We’re excited to receive international recognition for what’s become so apparent to San Diegans: That the redevelopment of the Naval Training Center has been a success on every level,” said Mayor Jerry Sanders. “In addition to hosting one of the city’s largest parks and a new arts and culture district, Liberty Station has been a job and revenue generator, supporting city services in all our neighborhoods. It’s given proud new life to this important piece of San Diego history.”
San Diego City Councilman Kevin Faulconer stated, “The Corky McMillin Cos. has created a fantastic neighborhood of shops and restaurants, while preserving the legacy of the military, and honoring the former military base.”
The award for best master planned community from the FIABCI is one of many awards Liberty Station has earned. It has also been awarded the Project of the Year award from the American Society of Civil Engineers, and the Base Reuse Community of the Year award from the Association of Defense Communities.
New tenants continue to open their doors, bringing a variety of restaurants, art galleries, boutiques and other businesses. Two of Liberty Station’s newest tenants are Slater’s 50/50 gourmet burger restaurant and Stone Brewing World Bistro & Gardens. Liberty Station is also a destination for events for organizations throughout San Diego. It has hosted meetings and events for notable organizations such as the American Cancer Society, Rady Children’s Hospital-San Diego, and the San Diego universities.
Exchange Program Keeps Materials Out of Landfills
Building Velocity.com, a construction research and reporting firm specializing in San Diego County construction activity, announced the release of its free San Diego Construction Fill Exchange, aka FillEx, service to help reduce the amount of materials that would otherwise arrive at local landfills. The San Diego FillEx is a free service that is available to contractors and members of the public alike.
Additionally, Building Velocity now offers free Construction Activity Maps. These interactive, user-friendly maps show visitors what’s building every week from across San Diego County. The maps are Google-based, and completely interactive. San Diegans now have a timely, free and accurate source to gauge local construction activity.
Another free service offered is a San Diego Construction Week-In-Review. Here, users can view a quick, smart synopsis of construction activity from across San Diego County every week.
Local Contractor Completes Meteorology Center Work
Local general contractor T.B. Penick & Sons Inc. has completed a $7.6 million renovation and addition work to the Fleet Numerical Meteorology and Oceanography Center, or FNMOC, for the U.S. Navy in Monterey.
The Naval Facilities Engineering Command, Southwest, San Diego was the contracting agency. The design-build project included construction of Sensitive Compartmented Information Facilities, relocation and renovation to an operations center and auditorium expansion for briefings.
The single-story, 15,000-square-foot masonry block with brick veneer building addition features computer rooms and support offices.
The Naval Facilities Engineering Command Southwest FEAD team at Naval Support Activity Monterey included Lynn Chiment-Topete, contracting officer; Kim Cantrell, contract specialist; Shannon Lamberth, project manager; and James Price and Mike Waibel, engineer techs.
Jeff Katz Architecture was the lead architectural firm with Jeff Katz and Mike Hollman serving as project architects. John Pyjar of Domusstudio served as the consulting design quality control manager.
Ocean Street Apartments In Carlsbad Sells for $11M
Zephyr Partners acquired the 51-unit Ocean Street Apartments complex located at 2303 Ocean St. in Carlsbad for $11 million, or about $215,700 per unit, according to CoStar Group.
Built in 1965, this 43,164-square-foot building is situated on 3 acres. The unit mix consists of 17 one-bedroom units and 34 two-bedroom units.
Voltaire Lepe of NAI San Diego and Vince Provenzano of Pacific Coast Commercial represented the seller, OneWest Bank, FSB. Stephen Hinckley of TH Financial Group represented the buyer.
Loan Arranged for Two Beach Hotel Properties
Cassidy Turley BRE Commercial announced that Gary Goss of the company’s Capital Markets Group arranged an $11 million loan for two hotel properties Beach View Lodge and Beach Terrace Inn, in Carlsbad.
Beach View Lodge is located at 3180 Carlsbad Blvd. and Beach Terrace Inn is located at 2775 Ocean St. Beach View Lodge is a 41-room, limited service property operating as a Best Western. Beach Terrace Inn is a 48-room, limited service independent hotel which underwent an extensive renovation in 2009.
Morgan Stanley provided the borrower with a 10-year, fixed-rate, non-recourse loan with a 6 percent interest rate.
Multifamily Property Acquired for $7.9M
According to CoStar Group, CLG Property Fund A LP acquired the 64-unit Pacific Apartments at 700 Carey Road in Oceanside for $7.9 million, or about $125,800 per unit.
The multifamily building was built in 1974 and totals 44,568 square feet on 2.5 acres in San Diego County. The property features 23 one-bedroom and 40 two-bedroom apartment units.
Christopher Zorbas and Stewart Weston of Marcus and Millichap represented both the seller and the buyer in the sale.
Rancho Bernardo Office Building Sold for $2.7M
Investor Keith Dindinger purchased the 8,434-square-foot office building located at 16840 Bernardo Center Drive in San Diego for $2.7 million, or about $321 per square foot, according to CoStar Group.
The multi-tenant building was 52 percent occupied at the time of the sale by two tenants, Anderson & Yocum and Total Vision Family Care Optometry. The remaining space was previously occupied by the seller, Wells Fargo Bank. The new owner will lease the space out.
Ron Pepper and Don Moser of Retail Insite represented the seller, Wells Fargo Bank N.A., while John Still of Flocke & Avoyer Commercial Real Estate represented the buyer, KEBCS-RBTC LP.
Otay Mesa Industrial Warehouse Sold for $1M
Cassidy Turley BRE Commercial recently announced the $1 million sale of one of the industrial warehouse buildings at One Piper Ranch in Otay Mesa.
The 14,156-square-foot building sits on 1.04 acres of land at 8735 Dead Stick Road and is planned to be a manufacturing and distribution center for women’s apparel.
“Many manufacturing companies are starting to relocate to the U.S. side of the border in Otay Mesa rather than the Mexico side in Tijuana because quality real estate buildings are available for sale or lease in Otay Mesa at rates far below Mexico or even other San Diego submarkets,” said Regan Tully, an industrial specialist with Cassidy Turley BRE Commercial, who represented the buyer, Jipson LLC, in the transaction.