San Diego Commercial Real Estate News From CoStar Group

Veritiv Signs at Escondido Industrial Park

Dec 14 2017

Atlanta-based Veritiv Corp., a Fortune 500 distributor of packaging and logistics products and services, has preleased the full 212,088-square-foot Exeter Industrial Park, currently under construction at 1925 – 2005 Harmony Grove Rd. in Escondido, CA.

The industrial park’s co-developers, Pennsylvania-based Exeter Property Group and La Jolla, CA-based Badiee Development, Inc., announced that Veritiv will be the sole tenant at the property, with…

San Diego Remains Hotbed for Hotel Development

Dec 13 2017

The $217 million, 400-room InterContinental Hotel at 900 Bayfront Ct. is the largest of several hotels currently under construction in downtown San Diego.[Credit: Lou Hirsh, CoStar Group Inc.]For 2018 and likely beyond, experts are expecting San Diego County to remain among California’s hottest spots for new hotel development.

That’s thanks in part to a continued strong influx of tourists, conventioneers and business travelers into a market that…

Hyatt Place in Vista Gets New Owner

Dec 12 2017

Brighton Management of Diamond Bar, CA has acquired the 150-room Hyatt Place hotel in Vista, CA for $27 million, or $180,000 per room, from an affiliate of Irvine-based CoreCapital.

CoreCapital purchased the property from ABA Development in October 2014 for $22 million, or $147,000 per room, according to CoStar data. See CoStar COMPS #3145984. The 90,414-square-foot hospitality property was built in 2012 at 2645 S. Melrose Drive, in San Diego County…

MG Motors On in Vista with $117.5 Million Apt. Purchase

Dec 5 2017

MG Properties Group of San Diego has acquired the 456-unit Waterleaf Apartments in Vista, CA for $117.5 million, or about $258,000 per unit.

CoStar data indicates that the property was sold by Waterleaf LL LLC, an entity affiliated with New York-based Investcorp International, Inc. Investcorp and Los Angeles-based TruAmerica Multifamily, Inc. acquired the property in January 2015 for $86.2 million ($189,000 /unit) from RedHill Realty Investors…

Demographics Forcing Big Shifts in San Diego Office Scene

Dec 4 2017

Real estate industry consultant Christopher Lee, president and CEO of CEL & Associates, discussed emerging trends at a recent economic forecast presentation by NAIOP San Diego.Courtesy of NAIOP San Diego.
Generational shifts are causing rapid changes in the way office spaces are built, designed and utilized, but San Diego remains among the markets that are riding the trends without a lot of adverse consequences, at least for now.

“There’s just…