SALES
TA Associates Realty bought Fieldstone Plaza, a 44k SF office building in Sorrento Mesa (5465 Morehouse Dr) for $9.4 Million. CBRE's Louay Alsadek, Evan August, Hunter Rowe, and Brad Black repped the seller.
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San Diego-based Parallel Capital Partners bought Shoreline Square, a 384k SF Class-A office tower in Long Beach (301 E Ocean Blvd) from Guggenheim Real Estate for just under $102M. The project is 90% leased; tenants include the GSA, US Customs, Comerica Bank, Tidelands Oil, Department of Defense, and UBS Financial Services.
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A partnership between the Canyon Catalyst Fund, an emerging manager fund, and Paragon Commercial Group bought the 158k SF Rancho Las Palmas shopping center in Rancho Mirage (Bob Hope Drive and US Highway 111), from Wells Fargo. Plans call to redevelop the site, which is 50% vacant.
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Casa Rosada Apartments, a seven-unit building at 6241-6253 La Jolla Blvd in La Jolla’s Upper Hermosa neighborhood, traded for $2.2M cash. Voit's Robert Vallera and Matt Kennedy repped the seller: The Estate of Eileen Gambs. Apartment Realty Group's Gary Urtiaga repped the buyer, which plans to make extensive renovations to the 1950s courtyard complex.***
QWN Ltd bought a 12k SF CVS pharmacy in La Jolla's Bird Rock community from the MacDonald Family Trust for $8M. The sale, which included only the leasehold interest, reflects foreign capital aggressively pursuing high-image, credit tenant assets, according to Lee & Associates-North San Diego County's Ryan Litrich, who repped the seller with colleague Jim Garvin. Deborah Chew & Associates repped the buyer.
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In its second Sorrento Valley acquisition this year, Alexandria Real Estate Equities bought Sorrento Science Park, a three-building, 42k SF life science and R&D project (4025, 4031 and 4045 Sorrento Valley Blvd) from Del Mar Partnership for just over $12M. Tenants include Pathway Genomics, LPath and AT&T. Cassidy Turley's Brian Starck and Dave Odmark repped both sides.
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Lennar Homes of California bought 10 acres at Camino Hills Dr and El Camino Real in Carlsbad from Noboru and Evelyn Tabata for just under $6.3M. Cassidy Turley's Tim Winslow, Jason Kimmel, and Kevin Nolen repped the buyer.
LEASES
99¢ Only Stores leased 17k SF of retail space for 10 years in The Plaza at Imperial Valley, Dogwood Road and Danenberg Drive in El Centro, from an affiliate of The Russ Group. Cassidy Turley repped both sides: Kevin Cassidy for the tenant, and Mike Clark and Joe Yetter for the landlord.
Marcus & Millichap's Institutional Property Advisors division added Christopher Zorbas as a senior director in San Diego. He's completed more than $433M in transactions over the past two years. The multifamily specialist joined M&M in 2001 and was promoted to VP investments in 2008.***
Alec Schiffer was appointed managing director for the Western Division of Trammell Crow Residential, responsible for land acquisition and all phases of multifamily real estate development. He comes from Strata Equity Group, where he served as VP of acquisitions.***
Marcus & Millichap Capital Corp named Chad O'Connor, VP capital markets in San Diego, one of its top 10 loan originators of 2013.
