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REAL ESTATE: WCB Venture Pays $71 Million for San Diego Tower

WCB Venture Pays $71 Million for San Diego Tower

REAL ESTATE

by Daniel D. Williams

COMMERCIAL

A joint venture of Newport Beach-based WCB Properties LP and Greenwich, Conn.-based Starwood Capital Group LLC has bought San Diego’s Hazard Center for $70.8 million.

Developed in 1990, Hazard Center was the first mixed-use project in the Mission Valley area, according to Cushman & Wakefield sources who brokered the deal. The site is near the Fashion Valley Mall.

Rick Hamilton, Martin Morgenstern and John Nesbitt of Cushman & Wakefield’s Irvine office represented the seller, Connecticut General Insurance Co. WCB represented itself.

“It’s a very good investment for WCB,” Hamilton said. “There’s no deferred maintenance, but there is potential for some retail to be realigned.”

Hazard Center counts 298,949 square feet of space. Both the retail and office areas are 100% occupied. Aetna Inc. is the major tenant in the 15-story, 263,000-square-foot class A office tower, holding 40% of the space. Other notable tenants include American International Group Inc. and Toyota Motor Corp.

In the 135,950-square-foot retail section, tenants include Barnes & Noble, The Wherehouse, a Mann’s movie theater and Joe’s Crab Shack restaurant.

A standalone building at the center houses a Prego restaurant. The property includes a 2,053-space parking structure. Neighbors to the Hazard Center include a 300-room Doubletree Hotel.

“Institutional investors continue to show significant interest in acquiring quality assets in San Diego,” Nesbitt said.

In September, UK-based Slough Estates USA Inc. acquired Torrey Pines Science Park in La Jolla for $71 million from Equitable Life Assurance Society. The team of Morgenstern, Hamilton and Nesbitt brokered that deal as well.

Deals:

Foremost MacArthur Park LLC bought the 96,277-square-foot MacArthur Park from Muller MacArthur LLC for $10 million. Among the 43 tenants at the complex at 2901-2961 W. MacArthur Blvd. in Santa Ana are Paychex Inc., McGuff Compounding Pharmacy Services and the Senorita Salsa restaurant. Matt Pipkin, Mike Meisenbach and Brian Garbutt with the Newport Beach office of Lee & Associates handled the deal Dan Knudson and Ken Hulbert of Newport Beach-based DAUM Real Estate Services represented La Habra-based Master Halco Inc. in the sale of an 84,960-square-foot industrial building in Fontana. Master Halco, a fencing supplier, sold the project to Art Stan Investments LLC for $6.4 million. David Frietag of DAUM Commercial Real Estate Services Los Angeles office represented the buyer.

RESIDENTIAL

Irvine-based Sperry Van Ness has sold the Siena Villas apartments in Henderson, near Las Vegas. According to Sperry Van Ness sources, the 360-unit deluxe apartment complex set an area record, selling for $31 million.

“We are very excited about his deal,” said David Baird, a broker at the Las Vegas office of Sperry Van Ness. “This apartment complex sold for the highest price that was ever paid for an apartment complex in Henderson.” Founded in 1987, Sperry Van Ness has recently expanded operations with new offices in Illinois, Georgia, Texas, Washington, D.C., New York, Boston and Florida.

Orange County in Top 10

The National Multi Housing Council has released its first study valuing the nation’s apartment stock and its growth in the past 10 years. Since 1990, the nation’s apartment value has increased from $767.1 billion in 1990 to $1.3 trillion today. The study shows Orange County among the top 10 apartment communities in terms of total value. OC landed at the No. 10 spot with its apartment stock valued at $22.3 billion.

Vintage Senior Goes North

Newport Beach-based Vintage Senior Housing LLC, a developer, owner and operator of senior and assisted living communities, has bought its first Northern California property. Vintage paid $9.2 million for Avalon at Brush Creek, an 80-unit assisted living community in Santa Rosa. Vintage purchased the property from Alterra Healthcare Corp., according to Eric K. Davidson, a principal with Vintage.

“We’re delighted to expand out operations into Northern California and look forward to establishing a strong presence in the region,” Davidson said.

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