Dealmaker: CBRE Brokers $111M in California Sales
CBRE, Los Angeles, brokered two property sales in San Diego’s Kearny Mesa neighborhood for $111.3 million.
The firm sold 369-unit townhome community Agave Ridge for $107 million. CBRE’s Kevin Mulhern, Allen Chitayat, Stew Weston, Dean Zander and John Montakab represented seller Goldrich & Kest, Los Angeles, in the transaction. San Francisco-based multifamily investment firm Prime Residential represented itself.
Located at 7901 Harmarsh Street, the 368,575-square-foot property dates to 1959. The two- and three-bedroom townhomes average 1,000 square feet.
Agave Ridge is near the interchange between I-805 and SR 163, two San Diego freeways that connect Kearny Mesa to San Diego. Agave Ridge is adjacent to two large medical facilities, Sharp Hospital and Rady Children’s Hospital, and less than two miles from dining corridor Convoy Street.
“Agave Ridge is an incredibly well-located community with all townhouse-style units that provide much-needed housing for families in the area and has become even more desirable with the approval of the recently updated Kearny Mesa Community Plan,” said Mulhern.
CBRE also sold an industrial property in Kearny Mesa to Seattle-based construction company BNBuilders for $4.3 million. CBRE’s Ryan Sparks and Bill Dolan represented seller Wholesale Property Co., one of the nation’s largest wholesale distributors. The buyer was represented by an outside firm.
“The San Diego industrial market has proven to be incredibly resilient during the pandemic,” said Sparks. “Both investor and user demand remain very strong for well-located, stable assets.”
Located at 7747 Ostrow Street, the 16,380-square-foot freestanding building was built in 1979 on 1.1 acres.
Third-quarter net absorption in the San Diego industrial market was the highest since third-quarter 2018, reaching more than 1.2 million square feet, according to a CBRE research report. Total vacancy fell 30 basis points to 5.1 percent and total availability fell 30 bps to 7.7 percent.
