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February 21, 2012

Carmel Partners Plans Multifamily Project in San Diego; Belmont Village Sold to REIT

By Gabriel Circiog, Associate Editor

San Francisco-based real estate firm Carmel Partners, through CPIII CentrePoint LLC, has acquired a 8.93-acre parcel located at 6303 El Cajon Boulevard in San Diego, according to www.rentv.com. The property was acquired from CentrePoint LLC, an entity of Douglas Wilson Investments LLC for $14 million. The site is entitled for 312 residential units and 4,000 square feet of ground floor commercial space. KTGY Architects designed the project which will add 97 townhomes, 204 apartments and 11 live/work lofts to the community.

This is not Carmel Partners’ first multifamily project in San Diego. In 2011 the company purchased 2015 Hancock Street Lofts, an 85-unit project, and it is currently constructing the Carmel Pacific Ridge project, a 533-unit development across from the University of San Diego.

The seller was represented by Victor Krebs and Rob Morgan of Colliers International.

In the healthcare sector, the San Diego Business Journal reports Los Angeles-based Kilroy Realty Corp. sold three properties to Chicago-based Carmel Medical Office LLC. The transaction included the 150,801-square-foot Class A medical building at 15004 Innovation Drive in Carmel Mountain Ranch, the 102,875-square-foot Class B building at 10243 Genetic Center Drive in Sorrento Mesa and a parking structure at 6513 Sequence Drive.

The Innovation Drive medical building is fully leased by Scripps Clinic. The seller was represented by brokers at HFF.

The Belmont Village, an assisted living facility in Sabre Springs, has also changed hands. Ohio-based Health Care REIT INC. purchased the 176,379-square-foot facility for approximately $67.5 million. Located at 13075 Evening Creek, the facility is the second local assisted living center acquired by the REIT after buying the Belmont Village Senior Living facility in November.