CHULA VISTA PROPERTY SOLD FOR $2.275 MILLION IN 1031 EXCHANGE TRANSACTION

The Heritage Group arranged for the acquisition which closed March 1, 2013

CHULA VISTA, CA— The property at 318 Fourth Avenue in Chula Vista has been sold to Newman-Fourth & F, LLC for $2.275 million. The Heritage Group, a full-service real estate management and investment advisory firm, represented the buyer. Marcus and Millichap represented the seller, HP Investors. 

The 14,000 square foot property is prominently located across from the Chula Vista police station, City Hall and public library. The property is currently occupied by First Bank. “Along with a solid tenant in a solid location, we see a variety of value-added opportunities for our client. We look forward to working with First Bank to help them achieve their goals at the property and continue their long-term occupancy there,” said Rocco Cortese, Managing Partner of The Heritage Group. 

For further information about The Heritage Group, please contact Rocco Cortese at rcortese@theheritagegroup.com.

The Heritage Group, a full-service commercial real estate management and investment advisory firm based in San Diego, California, is known for being a valued and trusted source for owners, occupiers and investors in commercial real estate. Heritage offers clients a broad spectrum of experience and solution-driven strategies for their management and investment needs.

HERITAGE GROUP LANDS EQUITY PARTNER FOR RIDGE CAPITAL INVESTORS

The Heritage Group raised approximately $10 million in equity to help Ridge Capital acquire two Bay Area apartment properties valued in excess of $30 million

The first property, Towne Center Commons, closed in mid-September and is a 137 unit apartment property located in Brentwood, California. The second property, Mariner’s West Apartments, is located in San Mateo, California and is a 45 unit property which recently closed on October 31. Heritage raised approximately $10 million combined for the purchase of both properties with one Southern California based private equity firm.

Ridge will execute a value-add campaign for Mariner’s West with extensive interior and exterior renovations. Ridge will also invest an additional $1 million for renovations at Town Center Commons. “In the case of both of these acquisitions, the capital partner introduced by Heritage helped us execute a seamless acquisition,” said Trevor Wilson, Managing Partner of Ridge Capital. “We appreciate the role Heritage played in helping us raise the capital to make these acquisitions.” Mariner’s West and Town Center Commons were purchased for $10.95 million and $19.625 million respectively.
“At Heritage, we look for best-in-class sponsorship groups that have a history of successfully deploying capital into commercial real estate,” said Rocco Cortese, Managing Partner at The Heritage Group. “Our association with Ridge Capital Investors stems from a long-standing relationship with its principals. We know their track record well and have every confidence in their ability to execute the strategies put forth in their business plans for these properties.”

The Heritage Group, a full-service commercial real estate management and investment advisory firm based in San Diego, California, is known for being a valued and trusted source for owners, occupiers and investors in commercial real estate. Heritage offers clients a broad spectrum of experience and solution-driven strategies for their management and investment needs.