The Island at Carlsbad
Size: 39,982 Square Feet on 5.51 Acres
Seller: Torrance Crossroads
Buyer: Sero Properties
Sero Properties is an old cold call contact of mine. The family got its start in real estate owning and operating drive in movie theatres throughout the west. They own several sites in the Inland Empire. As the value of the theatre sites increases over time, occassionally some are sold off and the proceeeds are reinvested. In mid 2006 I called Sero and was told they had a significant 1031 upleg to place and that they wanted to spend in excess of $20,000,000. I submitted them several properties in southern California and they really liked the Island at Carlsbad. The property is well situated in the corporate area of Carlsbad and featured a food court with a huge fountain and outdoor seating area and an office building. Accordng to listng agent Dennis Vacarro at Faris Lee this was the highest per square foot sale comp in San Diego County in 2006 at $590.26 per square foot.
Sampson Ave., Corona, CA
Size:19 Acres of Commercial Land
Seller: Specialty Restraunt Corporation
Buyer: Armstrong Butcher
In early 2000 Ken Andersen and I had an opportunity to list +/- 7.5 acres fronting the 91 freeway owned by Victor Starow. Specialty Restraunts owned another +/- 7.5 acres immediately adjacent to the east. Together the two properties had much better development potential than apart. After cold calling SRC and briefly tryng to sell both lots, SRC bought out Starow and subsequently bought out another neighbor compiling almost 19 acres of freeway frontage land. After re-zoning the property from industrial to commercial and many years of contemplating developing it themselves the value of the raw land reached a level that pursuaded SRC just to sell the land as is. Taylor Ing of CBRE represented developers Armstrong Butcher who built a beautiful office building project on the site.
Richard Schwartz and I cold called the Seller's of this property in 2008. After working with two other very high profile marketing teams Richard, myself and Mark Kegans won the assignment. Richard and I had also been speaking with the Buyer, commonly known as Diamond Wipes, Inc since 2008. We knew that they would be very interested in this property and have several months of negotiation a deal was struck. Richard and I also helped the buyer arrange SBA financing through Bank of America