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San Diego County’s contracts awarded for future construction declined 1 percent from a year ago in the first 10 months of 2013, according to new data from McGraw Hill Construction.
Property: Long-Range Plan to Add 2,850 Hotel Rooms
Work has begun on a Chula Vista street extension deemed a key first step toward long-envisioned commercial development of the city’s waterfront, where up to $2 billion in new residential and commercial projects are anticipated over the next 20 years.
PROPERTY: Active Industry Builds Momentum for Project
BioMed Realty Trust Inc. is betting that rising financial interest in the life-sciences sector — in the form of increased venture funding, public stock offerings and high-profile acquisitions — will translate into tenants seeking to occupy its new campus planned for University Towne Center.
GC Properties of San Diego has purchased two El Cajon apartment communities for a total of approximately $5.2 million, according to CoStar Group and public data.
Drawbridge Realty Trust of San Francisco has purchased a Rancho Bernardo office building that houses Broadcom Corp., for $36.5 million, according to CoStar Group and public data.
Locally based craft beer brewer Ballast Point has signed a 15-year, $16 million lease deal to occupy a 106,584-square-foot industrial facility in San Diego’s Miramar submarket.
Guild Mortgage Co., the San Diego mortgage bank that started here in 1960, continued opening new offices around the country, including eight in South Carolina since mid-2012.
The Mission Bell Apartment Homes in Escondido was sold to Bayside LLC for $5,175,000, according to Cushman & Wakefield.
Construction in San Diego County and elsewhere in Southern California should continue to see recovery in 2014, led by coastal development of new apartments, according to a forecast by locally based consulting firm Xpera Group.
Directeur LLC and Immobilier Funds of Rancho Santa Fe have purchased the 28-unit Cota Arms Apartments in North Park for $7 million, according to CoStar Group and public data.
Orsibs LLC of San Diego has purchased the 49-unit Emerald Vista Apartments in Vista for $8.35 million.
PROPERTY: Irvine Co. Is Self-Financing $100M Project
Irvine Co., San Diego County’s largest office landlord, recently began work on La Jolla Centre III, a 15-story office tower at University Towne Center. The tower, being built largely on spec, will be Irvine Co.’s first new-construction high-rise project since it entered the local market 30 years ago.
PROPERTY: Science, Military Realignment Part of Region’s Pluses
Fueled by continued technology-oriented job growth, San Diego retains its place as the nation’s 15th-best metro market for commercial real estate investment, according to the latest annual trends report by consulting firm PwC and the Urban Land Institute.
Real Estate Column
It’s a great time to be an apartment complex owner in San Diego County, judging by the late-year numbers.
Breaking news from www.sdbj.com
San Diego State University is more than half way toward raising enough money to build a new basketball practice facility on the campus, which will help it to maintain its status as a rising college hoops power, the university announced.