San Diego’s Design District to get new center
San Diego-based RAF Pacifica Group recently acquired a 40,000-sq.-ft. land parcel (formerly the site of Cedros Gardens), in the Solana Beach section of San Diego for $5.5 million from a private owner.
The firm plans to develop 26,000 sq. ft. of the property, located within the rapidly growing Cedros Design District. The upscale community is known for its two-and-a-half-block, open-air shopping district housing yoga studios, eateries, galleries, and weekly farmers market.
“The opportunity to acquire land that is fully entitled in the heart of such a vibrant district enables us to create a true lifestyle destination that will support Solana Beach’s ongoing revitalization and drive future economic growth” said Adam Robinson, founder & principal of RAF Pacifica Group.,
Plans call for 3,200 sq. ft. of high-end restaurant space, 5,000 sq. ft. of ground-floor retail, 8,000 sq. ft. of high-quality office space, and eight multifamily units close to the COASTER commuter train.
RAF Pacifica Group plans to work with Sean MacLeod, a Solana Beach-based developer who originally secured the entitlements for the land parcel.
The Cedros Avenue project will break ground in 2017, with an estimated completion date in 2018.
Inland scores 75th acquisition in last two years
Inland Real Estate Acquisitions, the Oak Brook, Illinois, acquisition machine headed by Joe Cosenza, has purchased another center to keep the acquisition tote board on its website churning past $44 billion.
Its latest purchase is the 199,335-sq.-ft. Pentucket Shopping Center in Plaistow, New Hampshire, 40 miles north of Boston. The center houses Home Depot, Staples, and Bed Bath & Beyond and is shadow-anchored by a Super Walmart.
This 75th Inland acquisition in the last 26 months was executed by Mark Cosenza, senior VP of Inland Real Estate Acquisitions, Inc.
“This recently renovated shopping center has well-established tenants and is ideally located within its respective region, making it a prime example of the type of retail acquisitions we continue to seek out,” said Cosenza in noting its access to half a million people in a 15-mile radius and the absence of a sales tax in Plaistow.
JLL expands Houston team with three new hires
Three experts have joined JLL’s brokerage team in Houston. Donna Kolius, Pierce Owens, and Kaylie Walker will be focusing on multi-market dispositions, national portfolio strategies, and sale leasebacks, which will help expand JLL’s disposition business.
Kolius, formerly the senior VP of CBRE's Portfolio Services group, has been named executive VP. The 33-year real estate veteran has negotiated the sale of real estate portfolios totaling $4.2 billion on behalf of real estate investment trusts, Fortune 100 companies, financial institutions. and international retailers.
Owens joins JLL as senior VP. Throughout his 15-year career, he has negotiated the sale of real estate portfolios valued in excess of $2 billion for corporations, private equity firms, financial institutions and real estate investment trusts. He recently was first VP at CBRE Portfolio Services.
Walker, who comes to JLL from CBRE, has been added to the JLL team as an associate. She brings to the firm experience in the sale of national real estate portfolios on behalf of Fortune 500 companies, real estate investment trusts and private equity firms.
"The addition of this dynamic team will take our Houston platform to the next level and complement our leasing and tenant representation services in the multi-markets," said Mark Raines, senior VP and retail lead, JLL Houston.