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15Dec

Heritage Group Partners with Yammer Founder to Acquire Tech-Related Real Estate

Internet entrepreneur David Sacks extends reach into commercial real estate industry SAN DIEGO, CA— The Heritage Group has completed its first Joint Venture equity placement with David Sacks, founding CEO of Yammer, first Chief Operating Officer of PayPal, and an early investor in prominent tech companies to include Facebook, Twitter, Uber, Houzz and AirBnB. The close of escrow occurred at the end of 2013 and Heritage has since been retained to manage the investment on behalf of Sacks. The properties, formerly known as Old Pasadena Plaza, were purchased for $10.5 million and are expected to become part of an emerging …

15Dec

54 Unit Lakeside Apartment Building Sold to Local Investor

The Magnolia Terrace Apartments in Lakeside have been sold for $5 million SAN DIEGO, CA—The Heritage Group represented the Lomas Santa Fe Group in a recent 1031 Exchange transaction acquiring the Magnolia Terrace Apartments in Lakeside, California. The buyer, which has residential properties in Del Mar, Solana Beach and Escondido, will complete significant improvements to the interior and exterior of the 54-unit property to help enhance the quality of the community. The acquisition of Magnolia Terrace was the completion of a 1031 Exchange that required a highly leveraged new transaction. “Lomas Santa Fe had a lot of debt to replace …

15Dec

Heritage Represents Buyer and Seller in Florida 1031 Exchange Transaction

IHOP Fleming Island Acquired for more than $2.1 million SAN DIEGO, CA—The IHOP in Fleming Island, Florida has been acquired in a 1031 Exchange transaction. The Heritage Group represented both the seller, Oak Group LLC, and the buyer, Danash LLC, in the acquisition. The free standing NNN leased building sold for approximately $2,100,000. “This IHOP is in a good location and leased to the top franchisee in Florida. Heritage was able to represent both the seller and buyer, who was in a 1031 Exchange,” said Rocco Cortese, Heritage Group Managing Partner. The Heritage Group is a full-service commercial real estate …

15Dec

Heritage Group Closes Sale of Los Angeles Commercial Office/Warehouse Space

The property at 5057 W. Washington Street sold for $2.3 million SAN DIEGO, CA—The Heritage Group recently closed the sale of a 16,740 s.f. mixed use commercial office-warehouse space in the Los Angeles area. The building sold for $2.3 million in late March. Heritage Group represented the seller, 5057 Washington, LLC, in the transaction. The two-story property offered amenities to include close proximity to the 10 freeway and public transportation; gated and secured private parking; multiple usage opportunities and more. “Heritage took a grass-roots approach to marketing this property for the seller by contacting local brokers, owners and users directly, …

15Dec

Heritage Closes Acquisition in Arizona Sale Leaseback Agreement

Sonic Machine signs five-year lease agreements on two properties SAN DIEGO, CA—The Heritage Group represented Oak Group LP in the successful acquisition of two industrial buildings, totaling 23,000 s.f. combined. The properties, located in Tempe, Arizona, were purchased for approximately $2.2 million from Sonic Machine, who subsequently leased them back on a five-year NNN lease. The lease agreement also included option for the purchase of two additional parcels of land totaling 1.3 acres for future development. “Oak Group LP was in a 1031 Exchange and our firm was able to negotiate the acquisition as well as the new lease.” said …

15Dec

Heritage Represents Landlord in Successfully Renewing Big Lease

Tap Automotive renews lease on 90,000 s.f. San Diego space SAN DIEGO, CA—Tap Automotive, the parent corporation of 4-Wheel Auto Parts, has opted to renew its lease at the Salt Creek Industrial Center in Chula Vista, CA. The Heritage Group represented the landlord, Adaya Asset Boswell West, in securing a five-year, $2,231,000 lease renewal for the 90,000 s.f. space. “Tap Automotive is currently the property’s largest tenant. They have occupied the property since the year 2000 and their tenancy has been an important aspect of the property’s success,” said Mark Hoekstra, Heritage Group Managing Partner. “This lease extension solidifies their …

15Dec

Heritage Group Expands Footprint in San Diego Market, Lands Two Advisors from Cushman & Wakefield

Kyle Clark and Dan McCarthy join The Heritage Group team SAN DIEGO, CA—The Heritage Group, a full-service commercial real estate management and advisory firm, has added two new advisors to their San Diego office. Kyle Clark and Dan McCarthy, both most recently with Cushman & Wakefield, join The Heritage Group as Senior Directors. Mr. McCarthy and Mr. Clark join a rapidly-expanding Heritage Group office, which recently relocated its office to 610 W. Ash Street, which was the first home to Burnham Real Estate. Since Q4 2013, Heritage has nearly doubled its leasing and managing portfolio to 39 properties and 1,500,000 …

15Dec

El Cajon Industrial Property Acquired for $5.7 Million, Available for Immediate Lease

SAN DIEGO, CA—Propco LP of Solana Beach has acquired a 70,713 s.f. industrial property in El Cajon for approximately $5.7 million. Rocco Cortese, Managing Partner of The Heritage Group, advised the buyer in its purchase of the property. Heritage will also manage and lease the property, located at 474-500 Raleigh Avenue. The seller, M. House Family LP, was represented by Cassidy Turley. The property is currently 100 percent leased and occupied. One suite totaling 31,250 s.f. is available for immediate lease, though the tenant’s lease does not expire until mid-2015. Current tenants include Ametek Inc. and Triumph Fabrications. The property …

15Dec

Industrial Park on Raleigh in El Cajon sells

The 70,713-square-foot industrial business park, at 474-500 Raleigh Ave. in El Cajon 92020, has been sold for $5.77 million, cash. The buyer was Propco LP, c/o Lomas Santa Fe Inc., 265 Santa Helena, Suite 200, Solana Beach 92075, Attn.: Patrick Canals. The seller of the property (assessor’s parcel 487-121-88) was M. House Family LP. Cassidy Turley Managing Director Bryce Aberg and Senior Vice President Brant Aberg — along with James Renner, president of Inland Pacific Commercial Properties– represented the seller. The buyer was represented by Rocco Cortese, of Heritage Capital Advisors. Built in 1971, the property occupies a 4-acre site …

15Dec

Largest Space in Core Pacific Beach Commercial District Becomes Available for Lease

The property at 1211 Garnet Avenue, currently housed by Trader Joe’s, will be available for lease beginning fall 2015 SAN DIEGO, Calif.—One of Pacific Beach’s prime retail spaces is hitting the market. Trader Joe’s will vacate its space in Pacific Beach in fall 2015 and will relocate to a new location, currently under renovation, at Garnet and Ingraham. The 12,500- square-foot space where Trader Joe’s is currently located, 1211 Garnet Ave., is the only property over 5,000 square feet available in the Pacific Beach commercial district. The Heritage Group (Heritage), who manages and leases the property, will be accepting and …

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