Dealmaker: CBRE Arranges $54M for Industrial, Multifamily
CBRE arranged $54 million for an industrial property and a multifamily property in metropolitan San Diego.
CBRE announced a private 1031 exchange buyer has purchased an industrial property in Carlsbad, Calif. for $5.24 million or $237 per square-foot. CBRE’s Matt Pourcho, Matt Harris, Anthony DeLorenzo and Gary Stache long with leasing expert Hank Jenkins of Colliers International represented the seller, Encinitas, Calif.-based real estate investment firm Stos Partners, in the transaction.
Located at 5816 Dryden Place, the 22,156 square-foot property was 100 percent leased at the time of the sale and anchored by San Diego Legion Rugby. SDLR uses the building for its corporate headquarters and training facility. The building is less than three miles from I-5, connecting the area to the rest of San Diego County.
“The asset obtained multiple offers reflecting continued investor interest in quality industrial assets,” Pourcho said. “With compelling property fundamentals, this property provides new ownership with significant future upside and secure cashflow.”
CBRE also announced sale of Villa Del Sol, a 203-unit multifamily community in San Diego, for $49.3 million.
Kevin Mulhern and Allen Chitayat represented the seller, a local family who owned the property for more than 45 years, in the transaction. Scott Peterson, Bill Chiles and Brian Cruz of CBRE’s debt and structured finance team in San Diego arranged a $40.3 million acquisition loan on behalf of the buyer, 29th Street Capital, a Chicago-based multifamily investment firm.
Located at 5474 Reservoir Drive, Villa Del Sol is one mile from San Diego State University in the Rolando neighborhood. Community amenities include a clubhouse, fitness center, laundry facility, swimming pools, tennis court and yoga studio. The property is walking distance from the Alvarado Trolley Station and is one-quarter mile from I-8, a major freeway that connects the area to the rest of San Diego County.
“This was a highly competitive offering which attracted approximately 20 offers from highly qualified buyers,” Chitayat said. “In the selection of 29th Street Capital as the purchaser, the sellers were impressed with their business plan for the property, their strong reputation in the marketplace and their closing track record.”
Peterson noted 29th Street Capital has a business plan for Villa Del Sol that will provide enhancements to the original nature. “The 29th Street team sees strong value in the San Diego apartment market and the ability of Villa Del Sol to attract highly qualified renters,” he said.
