San Diego Business Journal

Piece of Local History Is Part of La Jolla Apartment Buy

Real Estate Column By Lou Hirsh Monday, April 22, 2013

The three-building campus was completed in 1997. The new owner has secured a lease renewal with XO Communications at the complex, the statement said.

The off-market transaction included the new owner’s assumption of an existing commercial mortgage backed securities loan.

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Kearny Mesa Retail Center Gets New Owner: Mercury Clairemont Mesa LLC has purchased the Mercury Village Shopping Center in Kearny Mesa for $7.98 million, according to a statement from brokerage firm CBRE, which represented the buyer.

The seller of the property, Mercury Village Holdings LLC, represented itself.

The center was built in 1979 on 1.89 acres at 8006-8080 Clairemont Mesa Blvd. and was fully leased at the time of sale. The 18 tenants at the 28,730-square-foot center include Subway, Fan Diego and Freeway Insurance.

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Local Firm Buys Sacramento Apartments: San Diego-based Jupiter Investment Group Inc. has purchased a 125-unit apartment complex in Sacramento for $8 million. Wedgewood Apartment Homes was built in 1970 in the Pocket-Greenhaven neighborhood of Sacramento, according to CBRE, which represented the buyer.

The seller was Truwest Investment Group LP, represented by ARA Pacific. About 58 percent of the units in the acquired property have recently been renovated, and the buyer is holding approximately 20 units off the market pending further renovations.

Jupiter Investment Group, led by President and CEO Jonathan Lampitt, was founded in 1993 and is focused on the acquisition, rehabilitation and management of apartment communities. The company’s current holdings include nine properties in California and Arizona, including one in La Mesa, according to its website.

Send commercial real estate and development news of general local interest to Lou Hirsh via email at lhirsh@sdbj.com. He can be reached at 858-277-8904.

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