Phase II of mixed-use project commenced after Phase I is 100 percent leased
San Diego CA— CBRE and Coast Income Properties announced that construction has started on Phase II at The Village at Pacific Highlands Ranch in Carmel Valley, San Diego which will be anchored by two new tenants, the UC San Diego Health and Chase Bank.
CBRE’s Reg Kobzi is the leasing agent for the project.
The Phase II buildings are currently under construction on the north end of the The Village, which sits in an affluent suburban planned community in the north-western corner of San Diego. UCSD will be occupying 7,617 square-feet on the first floor of a two-story building and all 8,731 square-feet of the second floor. The first floor also features three additional for-lease retail spaces, ranging from 1,729 to 2,860 square-feet.
“It’s all about forward-thinking mixed-use today,” said Kobzi. “Centers such as The Village embody that. They feature retail, lively eateries, amenities as well as office/medical space and provide experiences, convenience and accessibility for everybody.”
He added, “Not only is well-located, experiential retail thriving, but strategically placed office/medical space that provides an abundance of amenities to its employees is also doing very well. Just look at our own CBRE office. We are located in the Westfield UTC mall, with access to its abundance of food, retail and experiential features. It’s a win-win for all.”
Phase I of The Village at Pacific Highlands Ranch is 100 percent leased and is comprised of 160,000 square-feet of retail, dining and office space. The tenant roster includes Rite Aid, Trader Joe’s, Westroot Tavern, Moment Bicycles, Breakfast Republic and Crunch Fitness. The mixed-use property sits one mile north of the 56 and four miles east of the I-5 freeway.
“We are excited to have community-serving tenants like UC San Diego Health and Chase joining the tenant line up at The Village,” said Dan Curran of Coast Income Properties. “We are looking forward the leasing out the few remaining spaces and rounding out the new development.”
The San Diego retail market fundamentals finished the year positively, according to a CBRE research report. Asking rates were flat quarter over quarter at $2.44 NNN, but still the highest rate on record. Leasing activity slowed 22.6 percent quarter over quarter to 507,240 square-feet, but net absorption was positive at 112,170 square-feet. The availability rate was also flat, but still tight at 6.6 percent.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Coast Income Properties, Inc.
Coast Income Properties, Inc. is a San Diego-based real estate development company that specializes in developing, acquiring, and managing premier real estate projects throughout San Diego. Founded in 1979, the company has been a leader in San Diego’s commercial real estate and development community for nearly 30 years. Since its inception, Coast has been involved in a variety of projects valued in excess of $1 billion. The company’s project portfolio reflects a broad range of product types, which include commercial retail centers, office projects, medical office complexes, biomedical laboratories, industrial and R&D properties, and multifamily developments. Throughout its existence, Coast has developed projects of the highest quality in premier locations across San Diego, displaying timeless architecture and enduring value for its investor partners, clients, and communities