TIAA-CREF Buys Rady Children's Office
Fresh from buying Copley Corporate Center, the teachers investment giant is still in the market for more stabilized deals. But there may not be any more opportunities like this for institutional money, cautions one of the city's top investment sales brokers.
CBRE's Louay Alsadek (flanked here by his sons Adam and Jacob during a recent car show) says it's tough to find a solid investment worth more than $25M on the market in San Diego County. “The activity in San Diego in the last two years is still 60% to 70% of the activity we used to have in '04, '05 and '06,” he says.
The 120,500 SF office building at 5855 Copley Dr in Kearny Mesa is fully leased to Rady Children's Hospital, University of California San Diego Regents and Kaiser Permanente. The secret ingredient to this investment, Louay says, is the parking ratio: seven spots for every 1k SF, a nearly unheard of number anywhere in San Diego. He says the parking ratio is responsible for keeping the occupancy in the building so high. Local press put the price at $43.5M, or around $360/SF. |
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MG Gives $30k In Memory
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The look on these kids' faces is priceless. Or should we say is worth every penny of the $30k raised on their behalf. Here we have MG Properties Group president and CEO Mark Gleiberman presenting Courtney, Kyleigh and Conner Jackson a check for money--plus a new car--raised by MG employees in honor and memory of their mother, Sonja Jackson, who passed away in 2013 after a battle with breast cancer. Sonja was an MG Properties employee, a 20-year vet in San Diego's commercial RE industry, and a single mother. |
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MG's Melise Balastrieri (here on right with Mark and his wife during the company's leadership conference awards banquet last night at Harrah's Resort Southern California) tells us Sonja's children were taken by surprise, but the funds will do wonders, especially since one of the daughters had to put off college until she could raise enough money. |
Redfin: El Cerrito To Be Country's Hottest Housing Market?
What's going to be the hottest neighborhood in the US? Well, according to Redfin, it's going to be El Cerrito. In its annual prediction, the San Diego County neighborhood is predicted to be the hottest in all the metro areas in the country that Redfin tracks (based on an algorithm of user stats on its website). One driving factor: it's one of the most affordable SD communities for homebuyers, with a median sales price of $320k, according to the website. The other Top 5 neighborhoods this year are Point Loma, Torrey Highlands, Clairemont Mesa West and Park West.
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Comic-Gone?
In what could be the most tragic news to comic book geeks in San Diego, the famed San Diego Comic-Con may be looking elsewhere in SoCal for its annual movie and comic book fandom pilgrimage, the LA Times reports. The Times says the convention has outgrown its 40-year home at the San Diego Convention Center, especially as a planned $520M expansion gets stalled while methods of funding it are debated. Both LA and Anaheim are vying for Comic-Con.
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