Harbor Associates Acquires Value Add Office Building in San Diego for $5,000,000, All Cash, Plans Renovation

News provided by

Sep 03, 2015, 08:45 ET

LONG BEACH, Calif., Sept. 3, 2015 /PRNewswire/ -- Harbor Associates, LLC ("Harbor") has acquired 5280 Carroll Canyon Road, a 32,000 square foot office building located in the Sorrento Mesa submarket of San Diego, California. Harbor purchased the project 'all-cash' in less than 25 days for $5,000,000. The transaction represents a sale and partial leaseback with an A+ credit tenant who will occupy the first and second floors. Matt Pourcho, Melissa Scofield, and Dick Balestri of CBRE represented the seller in the transaction.

Photo - http://photos.prnewswire.com/prnh/20150902/263276

Harbor is developing plans for an extensive renovation with the project architect LPA, Inc. that will include a new building lobby and entry, modern paint scheme, comprehensive signage program, and drought tolerant landscaping. Harbor is planning to convert the vacant third floor from a traditional, dropped-ceiling office setting into a more progressive environment that will be opened up to expose the panoramic views of the surrounding canyons.

5280 Carroll Canyon is located within one mile of Interstate 805 and benefits from the newly constructed direct access freeway ramps onto Carroll Canyon Road.

The buy for Harbor represents the firm's second acquisition in the last seven days, coming on the heels of Harbor's creative office purchase of 14201 Franklin Avenue in Tustin, California.

Justin Loiacono, Principal for Harbor, comments, "We are excited to have made our first acquisition in San Diego. 5280 Carroll Canyon represents a unique opportunity to purchase a tired office asset at a great basis in a strong Sorrento Mesa location that is proximate to dedicated freeway exits and retail amenities."

Paul Miszkowicz, Principal for Harbor, adds, "We saw value in this asset and moved quickly by closing all cash in 25 days. We like the San Diego office market and in particular the Sorrento Mesa submarket and are pursuing similar value-add opportunities in high demand Southern California submarkets in order to meet our acquisition goal of $250M by year end 2016."

Joon Choi, Principal for Harbor, states, "Harbor is re-positioning the building to project an image that relates to Sorrento Mesa's creative tenant base. By tearing down physical barriers and allowing every employee expansive views of open green space, we aim to create a workplace that fosters collaboration and inspires innovation."

About Harbor: Harbor Associates, LLC (www.harborassociates.com) is a value add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California. The three Principals of Harbor have over 25 years of experience in Southern California and have closed over $1.7B in acquisitions and asset managed over $2.5B in assets totaling over 3M SF of office. The company is a joint venture with The Bascom Group, LLC.

About Bascom: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the United States. Bascom has completed over $9.5 billion in multi-family and commercial value-added transactions since 1996 including more than 250 multifamily properties containing over 66,000 units. Bascom has ranked among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US.

Contact: Joon Choi
Tel: 562-436-6688
Email

SOURCE The Bascom Group