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$22M Buys Metro Career Center

SAN DIEGO, CA-BR Workforce LLC acquires the 82,236-sf asset, which stands at 3910 University Ave., from the San Diego Revitalization Corp. The property is 100% occupied by the San Diego Workforce Partnership.

By Erin Cassin | Updated on September 20, 2004

SAN DIEGO, CA-The Metro Career Center building in the City Heights area of the city has recently traded hands, with BR Workforce LLC acquiring the asset from the San Diego Revitalization Corp. for $22 million.Located at 3910 University Ave., the property encompasses a total of 82,236 sf. It is 100% occupied by the San Diego Workforce Partnership, which holds a 30-year lease here. The San Diego Workforce Partnership specializes in employment-related educational assistance, offering training services in six different languages, which includes career planning and counseling, aid with resume writing and interviewing skills, and job placement assistance. The organization is a valuable asset to the Mid-City community, as San Diego County’s high employment levels continue to play a pivotal role in the region’s achievement as one of the most successful marketplaces in the country. In fact, recent statistics provided by the California Employment Development Department show that San Diego County experienced a 0.7% decline in unemployment from July to August 2004, with the region reporting a joblessness rate of 3.7% for August. In the recent sale of Metro Career Center, Dan Macke of the Macke Co. represented the buyer, while John Pedroarena of Coldwell Banker Commercial-Towne Centre acted on behalf of the seller. Financing for the transaction included $7 million cash to the assumed loan, according to a Coldwell Banker Commercial spokesperson.In addition to its recent Metro Career Center project, the San Diego Revitalization Corp. is also involved in a partnership with area lenders, commercial banks and Price Charities. This project, which is focusing on first-time homebuyers, will provide loans for the financing of homes within specified boundaries in City Heights.

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