Retail Property in San Diego Sells for $3.85 Million
Charles Dunn Co. announced the $3.85 million sale of Crosby Square, a 13,414-square-foot retail property with two second-story apartment units. Situated in the southern Downtown San Diego submarket, the property is located at 1879 Logan Ave., just off the I-5 Freeway and near the Coronado Bridge.
Justin Mendelson, Darrell Levonian, and Fred Sheriff of Charles Dunn represented the seller, Lee Family Trust from Newport Beach, as well as the buyer Crosby Square Inc. from San Diego. The closing capitalization rate was 6.75 percent.
Built in 1989, Crosby Square Shopping Center is situated on .55 acres of land and is 100 percent occupied. There are a total of 11 retail tenants in the center as well as two apartment units. The new owner plans some extensive re-positioning of the property in the appearance and tenant mix.
Fred Sheriff commented: “Development has been underway for quite some time to upgrade the Barrio Logan area, which included the recent completion of a 93-unit apartment building just west of Crosby Square. The changing demographic will require new retailers to serve their needs.”
The sales team also noted that the buyer obtained financing from Wells Fargo Bank.
Mission Valley Office Space Leases for $67,164
Yale and Baumgarten LLC leased 891 square feet of office space located at 1450 Frazee Road in Mission Valley. The initial lease term was for 36 months for a total consideration of $67,164.
Yale and Baumgarten was represented by Don Agan of NAI San Diego. The landlord, Mission Valley Office Partners, was represented by Jones Lang LaSalle.
GUHSD Announces Progress On School Bond Projects
Plans are under final review for the El Cajon Valley High School at the California Division of the State Architect for the construction of a new physical education facility, valued at $6.1 million, to replace the old boys and girls PE buildings. Currently, modernization of the campus’ Building 300 is underway to include complete renovation of nine classrooms, ADA-compliant restrooms, teacher work rooms, new lockers, dual-glazed windows, energy-efficient lighting and HVAC, modern interior and exterior finishes, and campus landscaping. The construction budget is $2.8 million.
Mixed-Use Project Breaks Ground in Kensington
Terrace Partners LP has announced that it has broken ground on a 34-unit apartment with ground-floor retail, at the corner of Adams Avenue and Marlborough, in the village of Kensington. The project, Kensington Commons, was designed by Allard Jansen, who is also a general partner and developer. Kensington Commons will be a three-story Spanish-revival style building and will include approximately 10,000 square feet of prime retail space on Adams Avenue, with covered surface-level parking at the rear. The apartments will be one- and two-bedroom flats, with open floor plans, upscale amenities, and outdoor spaces.
Escondido Warehouse Condo Sells for $450,000
Cushman & Wakefield announced the sale of 1250 Pacific Oaks Place, #100 in Escondido for $450,000.
Bob Willingham and Joe McDermott represented the seller, SR Commercial. The buyer, Newen International Inc., was represented by Alex Weiss of Lee & Associates. Newen will be using the space as their main location.
The 3,619-square-foot warehouse condominium consists of a reception area, private offices, conference room, large bullpen areas and restrooms. The property also has one grade level door, one automatic roll-up door and fire sprinklers. The 17,037-square-foot industrial condominium building was constructed in 2006 and is currently 100 percent occupied.
Three-Building Apartment Complex Sells for $6.5M
The San Diego office of Colliers International announces the sale of a 45,592-square-foot, 57-unit residential apartment community located at 4355 46th St. and 4366-4406 Menlo Ave. in San Diego for $6,528,000 or $114,500/unit.
Double RP Investments LLC, AMB Capital LLC, and Blue Corner Capital LLC sold the multifamily community with representation by Rita Lancaster-Hannah of Colliers International and Robert Weinberger of RJW Properties Inc. Mark Hughes of KW Commercial represented the buyer, Vista International Inc. The loan was facilitated by Andrew Gilligan at Chase Bank, while escrow was handled with Della DuCharme of Chicago Title & Escrow Inc. and title provided by Fidelity Title.
Pacific Pines Village consists of three separate but adjacent apartment buildings and is operated as a single multifamily rental community in the Talmadge area of San Diego. The unit mix is 23 one-bedroom units, 33 two-bedroom units, and one three-bedroom unit.