Flurry of Investment Sales Ends First Quarter
- Apr 03, 2014
San Diego’s commercial real estate market wrapped up the first quarter of 2014 with a productive week as industrial, office and residential properties changed hands in various submarkets.
Doerken Properties acquired the Flags on Mission Shopping Center in Oceanside. The investor purchased the 107,600-square-foot property for $12.6 million from Mission Avenue Investors. Two Lee & Associates principals, Marc Dudzik and Bo Havlik, arranged the sale.
On the industrial front, PB Miramar Distributions L.L.C.. acquired three Miramar buildings Palomar Partners L.P. in a $6.5 million transaction, according to the San Diego Business Journal. Totaling 74,000 square feet, the buildings were constructed in 1971, 1984 and 1985. The new owner will initially occupy more than half of the space and will eventually expand into the entire complex.
In residential news, Newport Beach-based Doug Wetton Properties Inc. paid Pacifica Cos. of San Diego $5.7 million for Kenora Terrace, a multi-family property in Spring Valley. According to SDBJ, the property located at 3541 Kenora Drive is a 35-year-old 46-unit community located on a 2.5-acre lot. HFF arranged the sale and secured about $4 million in acquisition financing for Wetton Properies.
And in a downtown San Diego office deal, Long Beach-based Rossi-Kettner L.L.C. bought 1717 Kettner Blvd. for $5.3 million. Totaling 17,276 square feet, the property is fully leased, according to CoStar Group. The seller was the Pastula Family Trust.