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San Diego County Markets Remain Active Into New Year

1/21/00

As in many cases with our news from the Low Cal region, we have to give credit to the crew at San Diego Daily Transcript, who do a great job of covering their locale, and providing tips for us at RENTV. And there are tons of recent deals from this red-hot county to report, so here goes:

First of note is a pair of industrial properties that Voit Development purchased for $15.7 mil from a partnership, called Sierra Pacific California, that is a Fujita Corporation entity. The larger property is the 237k sf Los Vallecitos Center, at 800-850 Los Vallecitos Bl and 125-145 Vallecitos de Oro in San Marcos (right along the 78 near San Marcos Bl), which sold for $12.18 mil ($51/sf). The other property is the 54k sf Palomar Business Center at 2380-2382 Camino Vida Roble and 6353 El Camino Real in Carlsbad, which is just up the hill from Palomar Airport Rd. It sold for $3.54 mil ($65/sf). Wells Fargo Bank provided financing.

In Kearny Mesa, a group called Professor's Fund I, which lists J.T. Williams Inc as its manager, sold a two-story office/R&D building to a Los Angeles investor calling themselves 5454 Ruffin Road LLC because they bought, you guessed it, 5454 Ruffin Road. The buyer's manager is Len Bailes, the very successful real estate broker who founded Bailes & Associates in Brentwood. The 16-year old, 70k sf building, which sits on 3.5 acres just SW of the 52 / 15 intersection, sold for $4.7 mil ($68/sf), with the SDDT reporting that 1st Business Bank provided a loan of $6 mil to finance the buy, and then some.

A few blocks to the east, a 13-year old, three-story, 20k sf office building at 4740 Murphy Canyon Rd was bought by Toward Maximum Independence for $2.175 mil ($106/sf). They were repped by Randall Wood from Sande Co, while Brent Bohlken from IPC Commercial/TCN repped the sellers, a trust consisting of two families.

Moving to Mira Mesa Blvd, we read that an LLC led by Rodney Stone and La Jolla Investment Co bought a 15.62-acre site at 9905-9955 Mira Mesa Blvd, that once housed a shopping center with a Kmart, for $14.65 mil. The buyers, calling themselves Monarch at Scripps Ranch, plan to redevelop the property as mixed-use with office and apartment buildings. The office component will consist of two, 60k sf, three-story office buildings that could be ready as early as August. Repping the new owners was Barbara Kruer and Michael Christopher from American Empire Realty, who teamed up with Tony Villasenor from BRE Brokerage Co./NAI. The seller was a California LLC called Mirasa which is an affiliate of Sancam, led by president Mark Gabay. They were repped in the disposition by Bruce Kusada from Capital Real Estate Group. We should also mention that Chris Hobson and David Odmark from BRE will be marketing those two office buildings that Monarch will soon be putting up.

South of downtown San Diego, in the Castle Park area of Chula Vista, Rancho Palomar, a partnership general partnered by Frisu Inc, bought an 83.3k sf shopping center at Third Ave and Palomar Street for about $10.2 mil ($122/sf). Frisu is led by President Michel Kusinski and was repped by Jon Busse from Grubb & Ellis. The seller of the property, who declined outside broker representation, was Canton Limited 98 LLC, C&B Properties Ltd. James Stenderup is the general partner of C&B. The center is occupied by AutoZone, Payless Shoe Source and Union Bank.







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