Technology Park, from Fenway Properties
for $9.7 million.
According to Jordan Schnitzer, president
and CEO of Harsch Investment, the building
was previously marketed as for-sale office
condominiums. Harsch has named the
Carlsbad-based Colliers International team
of Jim Spain, Michael Mahoney and Josh
McFadyen to market and lease
the property.
Built in 1985 with major renovations
completed in 2007, Oceanside Business
Center consists of a single-story, multi-tenant commercial office and warehouse
building with 24 units that vary in size
from 1,649 sf to 9,826 sf. It is situated on
more than 5. 7 acres north of Oceanside
Boulevard and just west of College
Boulevard, close to Interstate 5 and SR 78
and SR 76.
Harsch is looking for more industrial,
office and retail property investments in
San Diego County, according to Bill
Rodewald, senior vice president and San
Diego regional manager for the firm.—Bob
Howard
PENSION NEWS
OCERS Makes
Major Change to
RE Program
Orange County Employees Retirement System
(OCERS) has decided to shift away from investing in real estate through separate accounts.
Instead, in the future, it will invest only through
commingled funds. This will be accomplished
by using $46 million that is left from its existing
real estate allocation. There is also going to be
more available in the future as the pension fund
will be selling all of its real estate assets held in
separate account relationships.
There are several reasons for the pension
fund converting to a commingled fund strategy.
“Investment in a core real estate commingled fund provides greater diversification and
liquidity when compared to separately managed accounts,” says Robert Kinsler, public
relations analyst for OCERS. “A commingled
fund provides greater access to primary real
estate markets.”
The pension fund made the decision to
approve the new strategy at its board
meeting on Jan. 22; it was assisted in the
action by its consultant, Callan Associates.
There has been no timetable established
for when OCERS will hire the commingled
fund managers.
The pension fund will be selling all of its
separate account assets over the next five years.
This real estate is held by CB Richard Ellis
Investors and America Realty Advisors.
As of the end of 2007, the value of these
assets was $524 million. Four of the properties are located in Southern California: the
$41.1-million ALARA Camarillo apartment
complex in Camarillo, the $42.3-million
Courtyard at the Commons retail property in
Calabasas, the $44-million Sony building in
Carson and the $43.6-million Cerritos West
Industrial Park in Cerritos.
OCERS will be selling the properties on a
timely basis as determined by the asset managers.—Jon Peterson —SOCAL
Who said it’s lonely at the top?
NAI Capital
Congratulates its
2007 Top Brokers
NAI Capital’s top brokers
know that success hinges
on building relationships.
Whether broker-to-broker
or client based, these
professionals know the
importance of networking
and connecting to offer
broader opportunities and
remarkable solutions for
clients.
800 428 2618 naicapital.com
Join us in saluting this elite group.
PLATINUM CLUB (front row from bottom left): Todd Lorber, Sheri Messerlian, Chris Jackson, George Economos, Steven G. Economos (DIAMOND CLUB & NAI Capital Broker of the Year),
PLATINUM CLUB (front row continuation): Scott Martin, Warren Noack, Teresia Knight, Michael Schiff; Not Pictured: Irwin Hyman and Tim Foutz. GOLD CLUB (2nd row from left): Gary
Seaton, Chad Gahr, Brian Luft, Yair Haimoff, Bruce Frasco, David Young, David Wick, Eric Powers, Geoffrey De Wolf; Not Pictured: Brandon Beauchemin. SILVER CLUB (3rd row from left):
Dan Spell, Bert Abel, Robert Sturner, DeLonne Valens, Deborah Luedy, Kathleen Howard, Dawn Lowder, John Bosko, Matt Moore, John T. Martin; SILVER CLUB (top row from left): Ken
Kennedy, Kevin Kennedy, Paul Fisher, John Cserkuti, Bill Kiefer, Lee Black, Bill Griebenow, Fred Ferro; Not Pictured: Laurence Saper and Mel Moss.
Committed to Southern California.
