CBRE Announces Multi-Tenant Medical & Office Building Sells for $6M

Alpine-8_WebCBRE announced the sale of the Alpine Regional Center, located at 1620 Alpine Blvd. in Alpine for $6 million. CBRE’s First Vice President, Phil Linton and Duncan Dodd of DZT represented the the buyer, Alpine Regional Center LLC, and the seller, PV Alpine LLC, was represented by Phil Linton and Brian Jinings of Venture Commercial Properties.

The project consists of three buildings with a total of 46,100 rentable square feet on 3.42 acres. Current tenants include Mt. Health and Community Services, Alpine Dentistry, Southern Indian Health Council, West Coast Eye Care, Purrfect Smile, Viejas Tribal Government and Alpine Fitness.

Built in 2005, the wood frame buildings have stucco, shingle, and river walk veneers that reflect their rural San Diego setting.  They are situated within the commercial market of Alpine at the intersection of Alpine Boulevard and Tavern Road, with immediate access to the I-8 freeway.

“We are excited to acquire another commercial asset in San Diego, well under replacement cost,” said Michael Akavan,  principal of Alpine Regional Center, LLC. “The center fits perfectly with our goals  to make  high quality buildings available for local businesses, professionals and institutions who work so hard to support their communities.”

PV Alpine LLC, an affiliate of PacVentures, Inc. purchased the property from Wells Fargo Bank in 2013.  They significantly improved its value by restoring it to first class condition, adding several new tenants, and processing a subdivision application through the county of San Diego to allow the sale of the individual office suites as condominiums.  PacVentures is a commercial real estate investment firm based in San Diego which has acquired over 2.5 million square feet across the southwestern states.  Kevin Wechter is President of PacVentures, and Andrew Kaplan is CEO.

Alpine Regional Center LLC, plans to make additional improvements and upgrades to the property that will establish it as a major center for medical, dental, and professional offices in Alpine and the surrounding communities.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue).  The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Visit our website at www.cbre.com.

 

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