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We admire how commercial real estate folks give back to their industry and community. Often, this takes the form of leadership in professional trade associations. Meet the heads of two of your local associations.  BOMA San Diego president Kristin Howell  According to Kristin, the key to getting the most out of your membership is by getting "plugged in"—joining one of BOMA San Diego's 14 committees (from community service to governmental affairs). She also tells us BOMA San Diego has funded 17 "membership scholarships," a relatively new program. The members are proud that their colleagues at Kilroy Centre Del Mar recently won a Pacific Southwest region TOBY Award, and will go on to compete at the international level. Kristin's still involved with hot dogs. She and David have two mini dachshunds. For the past few years, both pups have participated in annual Labor Day wiener dog races at Del Mar.  NAIOP San Diego president Tom Turner  He says it refers to the 580-member chapter's strong programs (including developing leaders, community service, legislative advocacy) and unwillingness to rest on its laurels by continuing to innovate and provide value to its sponsors and members. Many of the chapter's community service efforts benefit the 1st Marines Special Operations Battalion at Camp Pendleton—recently, they raised over $250k with a black-tie "suitcase party" at Palomar McClellan Airport. Attendees had packed a bag, prepared to be jetted to Napa in case they won. (We always bring a suitcase to parties, but that's just so we can bring our Tupperware home.) |
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The Deal Sheet SALES CPI Apartment Fund 10 LLC bought Scripps Poway Corporate Center, a 49k SF multitenant office building (13475 Danielson St) from Moxie Pacific for $7.3M. The building is 100% leased to both local and high-credit national firms, with Honeywell International as the anchor tenant. Colliers repped both sides: Tucker Hohenstein and Matt Zimsky for the seller, and Richard Lebert for the buyer. *** Western States Technologies bought a 37k SF industrial building in the Lusk Business Park, 10540 Heater Court in San Diego, from Moxie Partners LLC for $6.3M. Cassidy Turley's Bryce Aberg and Brant Aberg repped the seller. ***  Cindy C. Kasai Separate Property Trust and Pai Ho Wey Separate Property Trust bought 1025 Fletcher Parkway, a 7,500 SF freestanding retail building in El Cajon, from Barsky Family LP. CoCo's Bakery & Restaurant occupies the space with 9.5 years left on the lease. Colliers' John Wertz repped the buyers and Capital Real Estate Ventures' Justin Earley repped the seller. *** Skateoplex bought an R&D building containing just over 32k SF in Carlsbad (2283 Cosmos Ct) from Western State Technologies for $3.5M for a public ice rink. CBRE's Roger Carlson and Lannie Allee repped both sides. *** Harrison Properties bought the Pacific Surf Inn building, which contains nearly 16k SF on three-quarters of an acre at 1076 N Coast Highway 101 in Encinitas, from Gili Investments for just under $4.3M. Cassidy Turley repped both sides: Tim Winslow, Jason Kimmel, and Kevin Nolen for the seller, and Peter Curry for the buyer. *** Raintree Residential bought three acres in San Ysidro, 1975 Smythe Ave, for $820k. Lee & Associates' Lou Bulte repped the buyer, while Pacific Coast Commercial's Mack Langston and Icela Galaz-Wittkopp repped the seller.  CONSTRUCTION Pacific Building Group, Rodriguez Park Architecture and Planning, and Young + Co. Interior Design completed the 4,700k SF Emily Fenton Hunte Breast Care Center at Scripps Green Hospital in La Jolla. The project involved remodeling a portion of the hospital's third floor to create a patient-friendly environment. Previously, the outpatient unit was located on the first floor of the adjacent Anderson Outpatient Pavilion at Scripps Clinic Torrey Pines. EXECUTIVE NEWS |
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We Got Your Mayors |
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 Bisnow has been busting out the mayors for you: Our recent Oakland, Baltimore, and Denver State of the Market summits were all keynoted by the local head honchos. (Plural: Hizzonii?) Above, 400 attendees saw Oakland Mayor Jean Quan flaunt her city's titles: Top turnaround city, home to the fastest-selling homes in the US, and No. 5 best city for attracting VC. She's particularly proud of Oakland's international prowess, noting the $1.5B Chinese investment for the Brooklyn Basin project. The restaurant scene isn't too bad either; "If you're a foodie like me,” she says, this is the place to be. (We'll just have to do extensive research on that and get back to you.) |
 Baltimore Mayor Stephanie Rawlings-Blake celebrated progress toward her goal of 10,000 new families in the city: 4,200 housing units have been created in Baltimore City since 2010, and 3,700 are in the pipeline. (So tell your kids to move out already.) Apartment development and conversion incentives should keep the momentum going, but a city can't grow unless the people who already live there have a reason to stay. Hers: She'll continue to cut residential property taxes; the City is issuing RFPs for City-owned properties in the Bromo Arts District; and her administration has $1.1B lined up for school construction. |
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Live from BASH! |
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 If you've been biting your nails over the state of higher education, stop. American Campus Communities CEO Bill Bayless told a crowd of 400 yesterday afternoon at the Bisnow's national Annual Student Housing Summit (BASH) in Philadelphia that there's been a lot of misinformation in the media, but if you drill down, “the fundamentals are fantastic.” (We snapped him, right, with MSC University VP Matthew Stein, who moderated the keynote.) Even though we're at the end of the Echo Boomer age, there are more 18- to 24-year-olds going to college than ever, he says, leading to stable, growing enrollment, particularly at Tier 1 schools. Even Moody's says higher ed remains a valuable, long-term investment, which means more opportunity for real estate. |
 ACC's formula for success, according to Bill: proximity to campus, a differentiated product, and entering markets with high barriers to entry. (Not to mention school pride: He's donning a Drexel tie.) Student housing developers continue to make the mistake of overbuilding at a price point, which Bill's seeing in college towns across the US. Another: not having the right mix of retail at a project, leading to empty space. “Every bad deal takes three good deals to make up for it,” he says. Overall, the 18-to-24 set is innovative, tech-oriented, and on the cutting edge, so they demand good technology and access. “If they can't use their smartphone in your building, they'll move elsewhere,” he says. They're also more health conscious, so kitchens and in-building fitness centers are also attractive. |
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