Ocean Village

SAN DIEGO COUNTY

OCEANSIDE, CA-MG Properties of San Diego has acquired the Ocean Village mixed-use residential and retail project for $11.75 million in this week’s roundup of commercial real estate news in the West. The 63,000-square-foot project, completed in 2009, comprises 33 condominiums and nearly 11,000 square feet of retail space at 401 N. Coast Highway in the Downtown Oceanside redevelopment corridor. It is within walking distance of the pier, theaters, restaurants, shopping and the Oceanside Transit Center. The retail space, fronting Pacific Coast Highway, is served by street and tuck-under parking. The condominium units average 1,600 square feet and sit atop the retail space, featuring individual rooftop decks with ocean views. Because no units were sold when the project was originally completed, MGPG intends to offer the remaining residential units and retail spaces for lease. Mark Gleiberman, president of MGPG, said that the company bought the property at a substantial discount to replacement cost and plans to invest significant capital into a variety of upgrades with its in-house operations and construction team to make the condominiums more attractive to potential residents and improve the visibility and quality of the retail spaces for tenants. Justin Smith, SVP of investments for MGPG, commented: “Unfortunately this project opened at the depth of the recession and never had a chance to build momentum, but we believe the building is well designed for the market.” MGPG bought Ocean Village with capital from its Private Capital Group, a pool of high-net-worth investors located primarily in the San Diego region. KeyBank National Association financed the balance of the transaction. The seller of the property was 401 PCH Ocean LLC, which was represented by Mike Bouma, Rob Socci, and Paul Caputo of Voit Real Estate Services.