San Diego Submarkets Continue Strong Showing as Office, Industrial and M-F Assets Trade
- Jul 17, 2014
Although the number of blockbuster sales is relatively modest in metropolitan San Diego, its submarkets are generating a steady stream of transactions. An office campus in Del Mar Heights, an industrial asset in Otay Mesa and a multifamily complex in Imperial Beach all traded hands this week, underlining the market’s appeal to expansion-minded occupants and to investors.
Houston-based Lionstone Investments acquired Torrey Reserve West, a three-building office campus in Del Mar Heights. The two-story buildings total 118,030 square feet of space , as well as surface and structured parking.
The property was about 90 percent occupied at the time of the transaction, outperforming the market average. With asking rents on the rise, Lionstone will look to further boost occupancy. Del Mar Heights is one of the county’s best- performing submarkets, currently featuring the highest rental rates in the area.
The industrial deal was completed by Niceride 1 L.L.C., which paid JJB Silverhawk and VCH No. 1 about $8.15 million for an asset in Otay Mesa. The deal was brokered by Cassidy Turley. Located in the master-planned Siempre Viva Business Park at 8851-8877 Kerns St., the building totals 115,290 square feet. The building will become the new corporate headquarters of Otay Mesa Leasing, which signed a 10-year lease. The company supplies construction and industrial equipment in Southern California and Mexico.
On the residential front, Kruetzkamp Family Trust recently acquired the Century Arms Apartments in Imperial Beach for $3.6 million. The 22,800-square foot asset, which is fully occupied, includes 14 one-bedroom units and 16 two-bedroom apartments. Built in 1977, the asset is located at 1471 13th St. in Imperial Beach. The deal was arranged by Colliers International on behalf of the buyer and the seller, Kromydas Family Trust.