A round-up of CRE leases, sales, and financing from SoCal Real Estate’s August 2018 issue
Inland Harbor.com LLC has purchased a 31,369-square-foot multi-tenant business park at 600-660 South Placentia and 721-781 Kimberly Avenue in Placentia, California for $8.5 million. Jim Snyder and Patrick Lacey of Lee & Associates-Newport Beach represent the buyer, and Blake Bokosky of Newmark Knight Frank represented the seller. The property is commonly known as Placentia Corporate Center.
A 16-unit, 12,140-square-foot apartment building located at 5101-5107 Narragansett Avenue on the coastline in Ocean Beach, an area of San Diego, has sold for significantly over the asking price at $6.75 million. The buyer, Mills Trust, was represented by Kidder Mathews multifamily investment brokers, Merrick Matricardi, Jim Neil and Eric Comer, as well as Dylan Wright and Chris Saver of ACRE. The seller, William R. Mundt Trust, was represented by Mack Langston and Jan Sachs of Pacific Coast Commercial. The apartment building was built in 1973. It is a three-story building consisting of 16 units made up of studios and one-, two- and three-bedroom floor plans.
“We received over a dozen offers for this one of a kind waterfront property with panoramic views of the Pacific Ocean,” Langston says.
Matricardi adds, “It is uncommon for an oceanfront property to become available on the market. This is only the fourth oceanfront apartment building over ten units to sell in San Diego County in the last 20 years.”
Newport 18th Partners LLC, a syndicator investor and management company, has purchased Casa Del Mar, a 16-unit apartment building located at 147 East 18th Street in Costa Mesa, California, for $6.4 million. The seller was a private trust and the original owner of the property. Kidder Mathews’ multifamily brokers Steven C. Brombal and Joshua Y. Rhee, represented both parties in the transaction.
The offering represented the first time Casa Del Mar had been on the market. The original owner had not changed in almost 60 years. The property primarily required interior updating to bring it to current renovation standards.
“Because of the long-term ownership, rents were very low and the seller was somewhat forced to carry financing to offer any investor reasonable leverage,” says Brombal. “Through the deal negotiation, the seller offered a 65 percent loan-to-value at 4 percent interest for only five years. The sales price equated to $511 per square foot and $400,000 per unit for a building with 63 percent one-bedroom/one-bath units.”
Brombal has been in contact with the Casa Del Mar ownership for the last 18 years and has listed and sold the adjacent property three times.
Yauvana Yoga and Float, an exercise studio that combines yoga with a “float experience” in which people immerse themselves in a covered tank of Epsom salts and water, has signed a 65-month lease to occupy a 2,263 square foot space in San Diego’s Old Poway Village for $284,655.17. Lev Mizan, Kyle Clark, and Dan McCarthy of The Heritage Group represented both sides of the transaction.
The space is the former offices of Pomerado News and will now be transformed into a yoga studio with private rooms for float tanks. Additionally, there will be a small retail area for items related to the therapies offered.
“We are pleased to bring Yauvana Yoga & Float Therapy to Old Poway Village,” says associate Mizan. “Yauvana is a great addition to the already established health-and-fitness community at Old Poway Village. With Poway Pilates, FITT University and now Yauvana, Old Poway has become a destination for those looking to live an active and healthy lifestyle.”
Yauvana Yoga and Float had previously signed a lease in Rancho Bernardo but was unable to get city approval for the necessary build-out. This will be the first location for this business as well as San Diego’s first Yoga and Float dual-therapy studio.
Since the acquisition of Old Poway Village in 2017, The Heritage Group has worked on bringing a synergistic tenant mix to the center that will serve the Poway community. Old Poway Village is an approximately 28,462 square foot retail center located on Midland Road, adjacent to Old Poway Park and The Poway Middland Railroad Heritage Museum.
Pro Results has signed a lease of approximately 1,817 square feet at Grand Plaza, located at 137 Las Posas Road in San Marcos, California, for a physical therapy office. The lease is for three years with a consideration of $101,384.60, according to Flocke & Avoyer Commercial Real Estate. The firm’s Bryan Cunningham represented the lessor in this transaction, while the lessee represented itself.
Tayama Greenhouses Inc. has sold a 4.42-acre residentia- development land parcel at 710 Requeza Street in Encinitas, California, for an undisclosed price to Requeza 13, LP. Ciara Trujillo, Gunder Creager, David Santistevan, and Erin McKinley of Colliers International San Diego Region’s land-advisory team represented the seller; the buyer was self-represented.
710 Requeza Street is entitled for the development of 13 single-family residential lots. Plans for the site call for four five-bedroom homes ranging from 2,544 square feet to 4,500 square feet each.
“Acquiring 710 Requeza Street was a rare opportunity to purchase a fully entitled residential parcel in the City of Encinitas,” says SVP Trujillo. “The planned new community of high-quality homes will complement the surrounding neighborhood and deliver needed housing in the area.”