|
2/26/15
|
Alpine Regional Center, a three-building, 46.1k sf property in the city of Alpine, about 30 miles northeast of downtown San Diego, sold for $6 mil ($130/sf). The asset was purchased by Alpine Regional Center LLC from PV Alpine LLC.
The buildings are located on 3.42 acres at 1620 Alpine Blvd, just west of Tavern Rd and adjacent to the south side of I-8. Built in 2005, the wood frame buildings have stucco, shingle, and river walk veneers that reflect their rural San Diego setting. Current tenants include Mt. Health and Community Services, Alpine Dentistry, Southern Indian Health Council, West Coast Eye Care, Purrfect Smile, Viejas Tribal Government, and Alpine Fitness.
The buyer plans to make additional improvements and upgrades to the property that will establish it as a major center for medical, dental, and professional offices in Alpine and the surrounding communities.
Phil Linton of CBRE and Duncan Dodd of DZT represented the buyer in the deal. The seller was repped by Linton and Brian Jinings of Venture Commercial Properties.
PV Alpine LLC, an affiliate of PacVentures Inc, purchased the property from Wells Fargo Bank in 2013. They signifcantly improved its value by restoring it to first class condition, adding several new tenants, and processing a subdivision application through the County of San Diego to allow the sale of the individual office suites as condominiums.
PacVentures is a commercial real estate investment firm based in San Diego which has acquired over 2.5 msf across the southwestern states. Kevin Wechter is President of PacVentures, and Andrew Kaplan is CEO.
|
|
Return to the Archive page
|
|
|
|
|