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4/21/08
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Here’s the scoop on the latest deals from National City, a town of roughly 55,000 people situated five miles southeast of San Diego. We have two deals to report – an office lease and an industrial sale.
We’ll start with the office news, as San Diego-Imperial Counties Development Services Inc -- doing business as San Diego Regional Center (SDRC) – agreed to a 10-year, $3.2 mil lease for 16.9k sf ($1.58/sf/mo) of space at 2727 Hoover Ave, just east of I-5 and north of the 54 Fwy. This transaction brings the 36k sf building to fully leased, with McMillin Properties, the property owner, occupying the entire second floor.
San Diego Regional Center is a state-funded, private non-profit organization contracted with the State Department of Developmental Services to provide and coordinate services for persons with developmental disabilities. SDRC owns and operates its headquarters facility in Kearny Mesa and is upgrading its presence in the National City relocation.
Don Mitchell of CB Richard Ellis represented the owner, while Vince Botticelli of Commercial Realty Advisers repped the tenant in the transaction.
In the industrial deal, San Diego Seamstress paid $2.2 mil for an 18.2k sf ($121/sf) facility at 301 West 30th St, also near the I-5 and 54 Fwy. San Diego Seamstress stitches the leather seats and fixtures of the airline interiors for both Southwest and American airlines (for the record, none of these airlines’ flight cancellations were caused by faulty seat cushions).
Built in 1973, the concrete tilt-up building is situated on a corner lot with a fenced yard, 21 feet clear height and two double-wide docks for loading. It is also comprised of 5.9k sf of office space spread over two stories.
Jim Marsh and John Lanza of Voit Commercial Brokerage represented the buyer as well as the seller, Claremont McKenna College, a private liberal arts college in Claremont.
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