Crossings at Escondido
SAN DIEGO COUNTY
Developer Urban Housing Communities of Santa Ana, CA has unveiled its new Crossings at Escondido work force apartments project at 735 Mission Grove Place in Escondido in this week’s roundup of commercial real estate news in the West. Designed by KTGY Group Inc. Architecture + Planning, the project provides what KTGY describes as “eco-friendly, high-quality work force housing to families earning between 30% and 60% of the area median income.” The project is 55 units in five three-story buildings, with units that range from two to four bedrooms and rents from $508 to $1,063, based on family size and income level. John Bigley, chief operating officer for Urban Housing, comments that the project "marks the transformation of a street plagued by deterioration, poverty, gangs, drugs, and overcrowding into a safe, family‐friendly community." The Crossings at Escondido's street name was changed from Elder Place to Mission Grove Place to reflect a fresh start for the neighborhood, Bigley points out. Families living at The Crossings at Escondido will also have access to an onsite recreation center, which features the community's supportive resident services program, a computer lab, a media room, a kitchen, and an office for the manager. Outdoor amenities include BBQs, picnic tables, two tot lots and informal seating areas. "The Crossings at Escondido was designed to not only complement the surrounding neighborhoods but also with a vision to create a higher standard for affordable housing," said Alan Scales, KTGY studio director and the project's designer, located in the firm's Irvine office. The Crossings at Escondido is the product of a partnership between Urban Housing and the City of Escondido Community Development Corp. The city committed funding by partnering with UHC to acquire the land. Subsequently, UHC secured financing through the 9% tax credit program. Additional financing for the project was provided by Wells Fargo Bank NA, the American Recovery and Reinvestment Act of 2009 and the California Community Reinvestment Corp.
American Assets Trust has acquired .76 acres of coastal land located at 329 and 343 S. Highway and 101/120 & 128 Dahlia Dr. in Solana from Maganda Corp. for $6.85 million in an off-market transaction. Both the buyer and the seller were represented by principals Steve Bruce and Matt Weaver of Lee & Associates. Maganda is a privately held family corporation and American Assets is a REIT that owns, operates, acquires and develops retail, office and multifamily properties in California, Hawaii and Oregon. Bruce said the deal is one of the largest coastal commercial land transactions to sell in the past five years. American Assets Trust purchased the land with the intention of redeveloping the site for commercial/residential use.
Biotechnology company Ligand Pharmaceuticals has signed an 84-month lease valued at $3.9 million for 16,429 square feet of office and laboratory space at Arenisca in Torrey Pines. Ligand is the first lease signed at Arenisca, an approximately 72,419-square-foot, LEED Silver, three-story, class A laboratory and office project currently under construction. The property is at 11119 North Torrey Pines Rd., across from the Torrey Pines Golf Course. Project construction began in September 2011 and is scheduled for completion before July 2012, when Ligand is slated to move into the building. The property developer and owner, Alexandria Real Estate Equities Inc., was represented by Brian Starck, Jerry Keeney and Dave Odmark of Cassidy Turley BRE Commercial’s Life Sciences Group. Ligand was repped by T.D. Rolf of Studley.
Brookwood Financial Partners LLC of Beverly, MA has acquired Mission Valley Crossroads, a 139,727-square-foot class A multi-tenant office building at 404 Camino Del Rio South in the Mission Valley submarket of San Diego. The property, which was constructed in 1979, consists of a seven-story office building with 475 surface parking spaces that is 79.1% leased to a mix of national and regional credit tenants. Thomas Brown, senior managing director and director of acquisitions for Brookwood, noted that the deal marks Brookwood’s return to the San Diego market after divesting its most recently owned California property in 2007. Brookwood plans extensive renovations to the fa
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