Real Estate
EDITORIAL ADVISORY BOARD
BRIAN BENSON
Imperial
Capital Bank
ROBERT S.
BRUNSWICK
Buchanan Street
Partners
JOAQUIN DE
MONET
Arden Realty Inc.
SCOT T FARB
Reznick Group
LEWIS G. FELDMAN
Goodwin Procter
ALEX GLICKMAN
Arthur J. Gallagher
Risk Management
Services
HARVEY GREEN
Marcus &
Millichap
BILL HALFORD
Bixby Land Co.
LEWIS C. HORNE
CB Richard Ellis
CHUCK HUNT
Grubb & Ellis
GUY JOHNSON
Johnson Capital
DIANA LAING
Thomas Properties
Group
LESLEY M. LOVE
ISTAR Financial
MICHAEL
LOWINGER
Hanover Financial
PAUL MARSHALL
Opus West Corp.
JOHN M. OWEN III
Voit Commercial
Brokerage
MARC PAUL
SCI Real Estate
Investment
GERALD A.
PORTER
CresaPartners
TERRY THOMPSON
WCB Properties/2008
NAIOP SOCAL
President
JOSEPH M. VARGAS
Cushman &
Wakefield
MIKE ZUGSMITH
NAI Capital
Commercial
buildings averaged $413 per square foot
on a shell basis, according to Vukovich,
who says that despite a general slowing
in the pace of sales because of the economic slump, the number of prospective buyers has been increasing lately at
the other two properties that Bacchus is
marketing. The other two projects are the
338,000-square-foot Jeffrey Office Park
and the 266,000-square-foot Bacchus Signature Series.
The Jeffrey Office Park buildings are
selling for an average of about $480 per
square foot and the Signature buildings
for about $325 per square foot. Vukovich
explains that the Jeffrey properties are
commanding higher prices because the
project is zoned for 100% office buildings
and is attracting buyers like accountants,
Bacchus Office Park
lawyers, a music school and other office
users. The Signature buildings are closer
to R&D product and are targeted toward
design professionals, architects, engineers,
real estate development companies, marketing companies and the like. The Jeffrey project is about 65% sold out and the
Signature Series is between 55% and 60%
sold out.—Bob Howard, GlobeSt.com
MAGUIRE IN TALKS WITH
POSSIBLE PARK PLACE BUYER
Maguire Properties has narrowed the
list of prospective buyers of its 105-acre,
2.3-million-square-foot Park Place office
campus in Orange County to one, president and CEO Nelson Rising said during
the LA-based office REIT’s earnings conference call on Oct. 28. When questioned
by analysts, Rising declined to name the
potential buyer or to say what the likely
price will be for the mixed-use campus
in Irvine, but he described the bidder as
“very qualified” and said that the REIT
had narrowed the field of bidders to one
after receiving a number of offers, including three that were “superior.”
Park Place
The potential sale of the Park Place
property is part of a strategy that Maguire
Properties has been pursuing to shed all
of its Orange County assets to improve its
finances. In addition to negotiations for
the sale of Park Place, Maguire is in discussions to sell a number of other Orange
County assets and has entered into a nonbinding letter of intent for one building in
the Orange County Airport market, Rising
noted in the conference call.
Rising delivered his comments during a conference call in which Maguire
reported a net loss of $72.5 million and
$1.52 per share for the third quarter
ended Sept. 30, compared with net income of $81.7 million and $1.74 per
share for the comparable period last
year. Maguire reported a FFO deficit
of $20.2 million and 42 cents per share
for the third quarter, compared with a
shortfall of $2.7 million and six cents
per share in the third quarter of last
year.—Bob Howard, GlobeSt.com
SAN DIEGO
$53M Sale Shows
Stability in City’s
Multifamily Market
The multifamily market in San Diego
continues to show positive signs during
a time of great financial difficulty, further evidenced by the recent sale of the
406-unit Baltimore Apartment Portfolio
in La Mesa. Strategic Realty Capital LLC,
based in Los Angeles, purchased the fam-ily-built and owned property, located at
5353, 5401, 5404, & 5445 Baltimore Dr.,
and plans to complete renovations on
