Recent Real Estate Transactions
PACIFIC BEACH - Dec 20th, 2012 -The nine-unit apartment building in Pacific Beach at 3970 Crown Point Drive has sold for $3,000,0000. The buyer was El Real, LLC a California Limited Liability Company and was represented by Todd Law & Jill Morton of Capital Growth Properties, Inc. The seller of the property was John W. Bauer, Successor Trustee of Trust "A" under the Roger A. Bauer Trust Dated August 5, 1983. The seller was represented by Mike Habib and Phyllis Whitebread of Coldwell Banker Commercial. The property overlooks Kendall-Frost Mission Bay Marsh Reserve and Northern Wildlife Preserve.
LA JOLLA – Dec 4th, 2012 – La Jolla Cosmetic, LLC has acquired the 5 unit commercial building located at 7720-28 Fay Avenue, La Jolla, CA. 92037 from John A. Belanich and Rafaela P. Belanich, Trustees of the Belanich-2 Charitable Remainder UniTrust dated August 13, 2012 and John A. Belanich and Rafaela P. Belanich, Trustees of the Belanich-4 Charitable Remainder UniTrust dated August 13, 2012. The building is approx. 7,000 sq. ft. located on a 14,000 square foot lot. Todd Law & Greg Wagner of Capital Growth Properties, Inc. represented the Buyer. The Seller represented themselves.
SAN DIEGO – August 9, 2012 – The nine-unit apartment building in Pacific Beach at 1122-24 Felspar Street has been sold for $1,250,000. The buyer was MFW Family Partners LLC. and was represented by Greg Wagner of Capital Growth Properties, Inc. The seller of the property was Art Wise, L.P. and was represented by Todd Law of Capital Growth Properties, Inc. Chicago Title handled the escrow, IPX handled the exchange and Ticor Title provided title services.
SAN DIEGO – July 16, 2012 – 525 S. Coast Highway Oceanside, CA Sellers: MFW Family Partners, LLC and AWT Partners, LLC Represented By Greg Wagner Capital Growth Properties, Inc. Buyers: Seong Jun Park and Jung Park- Represented by Mike Morgon, Strom Commercial Single Tenant 8500 Sq Ft Building on a 14,000 Sq Ft Lot Sale Price 1,330,000 Chicago Title Provided Escrow and Title Services
SAN DIEGO – March 21, 2012 – The approximately 10,500 square foot office building located at 1331 Morena Boulevard (Sea World Drive and Morena Boulevard), San Diego, CA 92110 was sold from Tecolote Associates. The 10,500 square foot office building was sold for $2,295,000.
The Seller, Tecolote Associates, was represented by John Michaelsen and Todd Law of Capital Growth Properties, Inc.
SAN DIEGO – March 1, 2012 – Tecolote Associates acquired the leased land beneath the 10,500 square foot office building located at 1331 Morena Boulevard (Sea World Drive and Morena Boulevard), San Diego, CA 92110 from The City of San Diego. The 0.42 acre (18,295 SF) land parcel was sold for $1,865,000.
The Buyer, Tecolote Associates, was represented by John Michaelsen and Todd Law of Capital Growth Properties, Inc. The Seller, The City of San Diego, was represented by Paul Lafrenz and Paul Komadina of CBRE.
John Drummond represented the seller in the sale of the Baja La Jolla apartments 804 Loring St., Pacific Beach. The Baja La Jolla apartments closed escrow 1/6/12. The 30 units sold for $6,615,000, $220,500/unit, 15x gross. Alex Joehnk represented the buyer.
John Drummond represented the seller in the sale of 470 acres in Borrego Springs. The seller is a highly valued Capital Growth property management client and the buyer was the Anza Borrego State Park. John also handled the exchange of 1000+ acres in Borrego between the same property management client and the Bing Crosby heirs and is currently marketing another 666 acres in Borrego.
Greg Wagner and John are marketing an Oceanside single tenant retail property that is 100% leased. The property is in escrow and scheduled to close in December.
John is handling the sale of a 30 unit apartment property in Pacific Beach, representing the seller. The units are a block to the beach and the price is in excess of $200,000 per unit. San Diego apartments are very popular with investors. Vacancy rates are quite low, rents are strong and interest rates for apartment loans are lower than anytime in my 30+ years in the business.
Capital Growth this year has taken advantage of the low interest rates refinancing seven apartments properties.
John Drummond represented the Buyer of a 12 unit apartment project on Thomas Avenue in Pacific Beach. Escrow closed on June 15, 2011, the purchase price was $2,150,000, all cash. Megan McAlister with Capital Growth Properties, Inc. will be managing the property.
John Drummond represented the Buyer of a nine unit apartment project on Harding Street in Carlsbad that closed in May. The purchase price was $150,000/unit and the CAP rate was 5.5%. We were able to arrange an excellent loan with Chase at 4.5%! Regional Property Manager Abigail Rex with Capital Growth Properties, Inc. will manage the property.
Greg Wagner represented the Buyer of Jefferson Center, an office project on Jefferson Street in Carlsbad. The property sold for $900,000 and $190/sf. The parcel is in the Carlsbad Redevelopment Zone allowing for a potential new development of 11 residential condominiums. The escrow closed in May and Capital Growth Properties, Inc. and Regional Property Manager Abigail Rex will continue managing the property.
John Drummond represented the Seller of a vacant commercial parcel in UTC area that closed in April. The two acre lot sold in excess of $2,500,000.
John Drummond and Greg Wagner represented the seller of a 52, 865 Sq. Ft. light industrial building located at 11501 Rancho Bernardo Road. The building is located on a 3.71 acre site and sold for $5,980,000. Greg and John had represented the Buyer in the original purchase of the building in 1999.
John Drummond and Greg Wagner represented the Seller of and 8,000 Sq. Ft. office building located at 1150 Silverado Street in La Jolla. The 2 story building is located on a 6,752 Sq. Ft. lot and sold for $3,200,000.