Investment Roundup: Retail, Industrial, Office Properties Command $32M
- Sep 12, 2014
By Alex Girda, Associate Editor
San Diego’s commercial real estate market recorded a solid week of deals totaling around $32 million. Two Carlsbad office properties, a number of retail buildings in La Jolla, as well as a retail center in Black Mountain Ranch all changed hands.
RREF II-CP Crossings JV L.L.C. purchased Crossings Corporate Center in Carlsbad for $15.25 million from Greenlaw Partners of Newport Beach, Calif. Located on a 6-acre site at 6005 Hidden Valley Road, the 71,653-square foot asset was completed in 2001 and had a 36 percent vacancy rate at clksing. Cassidy Turley represented Greenlaw Partners.
In a $6.4 million deal, Pacifica Real Estate Services Inc. sold Piazza Santaluzi, a 16,145-square-foot retail center in Black Mountain Ranch, to Piazza Santaluz L.L.C. Located at 14677-14701 Via Bettona, Piazza Santaluz consists of two buildings that are currently 100 percent leased. According to The San Diego Business Journal, Cushman & Wakefield represented the seller, while Piazza Santaluz L.L.C.,worked with Cassidy Turley on its end of the transaction.
In the second Carlsbad office deal of the week, Sunwood Pacific Ridge L.L.C. acquired Pacific Ridge Commerce Center from the Betty Ann Robinson Trust for $5.8 million . The new owner is planning a renovation and is rebranding the property Sunwood Pacific Ridge. Located at 1945 and 1947 Camino Vida, the asset includes a two-story office building and a multi-tenant industrial building and offers 52,416 square feet of space.
Lastly, USA Properties Inc. recently acquired three retail properties in La Jolla from Dewhurst Family Partnership and Dewhurst Family Trust for about $6.2 millon. Totaling 14,259 square feet, the portfolio includes a pair of commercial assets located at 7545-7549 and 7527-7535 Girard Avenue plus a parking lot on Herschel Avenue.