In the News

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 …


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 …


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, …


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 …

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