San Diego
The Saywitz Co. recently completed a three-year, 107,006-square-foot lease (with an option to expand to five years) on behalf of Bikebandit.com—an online motorcycle parts store. The lease is valued in excess of $3 million dollars and was secured for the company’s corporate headquarters located at 7625 Panasonic Way in the Otay Mesa submarket in San Diego. Jeff Saywitz, senior vice president of the Saywitz Co., represented the tenant, Bikebandit.com and Mickey Morera of Cushman & Wakefield Inc. represented the landlord, the Auerbach Family Trust. “The size of this deal makes it unique due to the fact that little real estate activity is currently taking place in the Otay Mesa,” says Saywitz. “There are very few corporate headquarter leases being secured in this submarket right now, and that coupled with the high vacancy rate there, allowed BikeBandit to secure a very favorable deal that also positions the landlord nicely and guarantee’s them income for the coming years.”
Cushman & Wakefield Inc. revealed the $19.8-million sale of the Shops at San Miguel Ranch, a 103,548-square-foot grocery-anchored shopping center located at 2310 – 2350 Proctor Valley Rd., in Chula Vista, CA. The transaction represents one of the largest retail sales in San Diego in 2010, according to a prepared statement. Pete Bethea, Rob Ippolito, Jesse Lowe and David Bradley of Cushman & Wakefield’s Retail Advisors negotiated the lender sale for Jefferson Pilot Investments Inc. The buyer, MGP IX REIT LLC, represented itself.
CB Richard Ellis’ religious facilities practice group revealed that Grace International Churches & Ministries Inc. purchased the 22,981-square-foot church facility at 1602 South El Camino Real in Oceanside, CA. The consideration is valued at $6.5 million. CBRE represented both Grace International Churches & Ministries Inc. and the seller, Evangelical Christian Credit Union.
Stoneridge Capital Partners, a Newport Beach, CA-based real estate investment company, has acquired the 46,620-square-foot Four Governor Park office property in San Diego. The all-cash acquisition marks Stoneridge’s entry into the San Diego market and continues the firm’s aggressive portfolio expansion strategy focused on opportunistic investments. The multi-tenant office property located at 5080 and 5090 Shoreham Place, is currently 90% leased to a diverse mix of tenants. Suites within Four Governor Park range from approximately 700 square feet to 3,500 square feet. Brian Driscoll of Cassidy Turley/BRE Commercial represented the seller in the transaction.
San Francisco
Mashery Inc. leased 11,734 square feet of office space for five years at 717 Market St., from CEP 717 Market Investors. Jeff Moeller, Peter Conte and Kevin Christy of Grubb & Ellis represented the lessee in the transaction. Scott Harper and Brad Van Blois of Colliers International represented the lessor.
XXI Forever, the newest concept store from retailer Forever 21, has leased the 53,442-square-foot retail space at 2 Stockton St. in Union Square. The space, which was previously occupied by Virgin Records, represents one of the most iconic retail locations in Downtown San Francisco. The free standing building, which is owned by Stockton Street Properties Inc., is located at the intersection of Market and Stockton Streets, directly opposite the Apple Store and Diesel, and close to A/X Armani Exchange and Ben Sherman. The store is adjacent to the Ferrari Store and Barneys New York. With XXI Forever retail spaces expanding up to 120,000 square feet, the Stockton Street location combined with the previously opened Forever 21 store at the historical 1 Powell Street landmark space, can now house the full range of product lines the company has to offer, according to a prepared statement. Cushman & Wakefield represented the landlord in the transaction. XXI Forever was represented by Michael Townsend of Townsend & Associates.
Orange County
DAUM Commercial Real Estate Services represented AJAN Properties Ltd. Partnership in the purchase of a 41,655-square-foot industrial building located in Costa Mesa, CA. The total consideration of the sale was $6.33 million or $152 per square foot.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
