SAN DIEGO (January 13, 2011) – Cassidy Turley BRE Commercial, San Diego’s market leader in commercial real estate services, today announced that D.R. Horton’s mixed-use Atlas development is 100 percent leased including approximately $1.64 million in signed leases by Pappalecco, Osteria Origano, Beauty by Dolly and Pure Barre.
Located at 3650 Fifth Avenue in Hillcrest, the project consists of 140 upscale condominium units ranging from one to three bedrooms and 719 to 1,576 square feet. The property also includes ground floor retail space along Fifth Avenue. All residential condominiums have been sold and all commercial space has been leased.
Pappalecco, a Gelato Café, signed a 10-year lease for 1,138 square feet valued at $550,000. The principals of Pappalecco are two Italian brothers, Francesco and Lore Bucci. Atlas is their second location in San Diego; the original Pappalecco’s is located at 1602 State Street in Little Italy. Pappelecco’s café offers customers an “Authentic Italian Experience”. In addition to gelato, the café serves breakfast, pizza, panini, sandwiches, salads and a variety of pastries and espresso.
Osteria Origano, an Italian restaurant specializing in wood-fired pizza and pasta dishes, signed a 10-year lease for 1,607 square feet valued at $700,000. The two principals include Master Chef Vincenzo Lorerso and Master Chef Francesco Basile. Lorerso owns the highly acclaimed Gaslamp restaurants Greystone The Steakhouse, Osetra Watergrill and Osteria Panevino. Basile owns the successful Antico Trattoria in La Mesa.
Beauty by Dolly signed a five-year lease for 1,251 square feet valued at $190,000. The salon specializes in the ancient method of hair removal referred to as “Threading” as well as waxing and facial services. Beauty by Dolly was co-founded by two sisters, Dolly Bakshai and Kashmira Torki. Atlas is their second location in San Diego with their first location residing on Black Mountain Road. Beauty by Dolly has been awarded the “A List Winner” Award on 10 News.
Pure Barre signed a five-year lease for 1,353 square feet valued at $200,000. Pure Barre is a nationally recognized fitness chain specializing in a technique that combines pilates, ballet and weights. The two principals, Lori Allen and Jenny Geyser, also own a location in Solana Beach.
“Atlas is the latest ground-up mixed-use retail/residential development built within the busy Hillcrest area and one of the few to be 100 percent leased,” said Chris Rink of Cassidy Turley BRE Commercial, who, along with Randee Stratton of the same company represented the landlord, D.R. Horton, as well as Pappaleco, Osteria Origano and Beauty by Dolly. Pure Barre was represented by Joe Anderson of Cassidy Turley BRE Commercial’s Carlsbad office.
“This series of transactions also demonstrates that Hillcrest remains a demanded retail location during challenging economic times,” added Stratton.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with over 2,800 professionals in 60 offices nationwide. The firm completed transactions valued over $13 billion in 2009, manages over 427 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, corporate services, project leasing, property management, project and development services, and tenant representation. Outside of North America, Cassidy Turley has served the international needs of its clients since 1985. In 2010, the firm enhanced its global service delivery through its partnership with GVA Grimley. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey, and was ranked #1 by Real Estate Alert for Office Sales in 3 of the Top 6 Markets. Please visit www.cassidyturley.com for more information about the company.
Cassidy Turley provides regional real estate services with local San Diego market leader Cassidy Turley BRE Commercial. The company’s dominant market presence includes more than 160 professionals and staff in five local offices and recorded over $800 million in transactions in 2009. For more information about Cassidy Turley BRE Commercial, please visit www.brecommercial.com.