Cassidy Turley BRE Commercial Facilitates $5.85-Million Sale of Playa Blanca Condominiums

Published on May 24, 2011

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SAN DIEGO – Cassidy Turley BRE Commercial, San Diego’s market leader in commercial real estate services, today announced the $5.85-million sale of the Playa Blanca Condominiums in the South Bay area of San Diego.

Located at 1939, 1945 and 1949 Avenida Del Mexico, the property consists of 35,084 rentable square feet, including 44 of the 161 total condominium units in the complex.

The fractured condominium project was sold by Palm Avenue Investments LLC and purchased by Playa Blanca Condominiums San Diego LP.

Diane Miramontes, Darcy Miramontes and Kip Malo of Cassidy Turley BRE Commercial represented both the seller and buyer. Gary Goss, also with Cassidy Turley BRE Commercial, arranged financing with a local bank. Jamie Nalley of Chicago Title provided title services. Dee Goodrich of Eaton Escrow was the escrow officer.

The sale included 20 one-bedroom/one-bathroom units of approximately 661 square feet each and 24 two-bedroom/two-bathroom units of approximately 911 square feet each. All units will continue to be operated as apartments.

Originally built in 1986, Playa Blanca was renovated in 2005 and features quality finishes including granite countertops, stainless steel appliances, tile floors, maple cabinetry, and new lighting, fixtures and window coverings. All units have washers and dryers, central heat and air-conditioning, and balconies or patios. Community amenities include a resort style pool, spa, upgraded designer clubhouse, BBQ area with a large outdoor fireplace, fitness centers, controlled access and carports.

Residents of Playa Blanca enjoy neighborhood amenities within walking distance such as Mendoza Elementary School, Mar Vista Middle School, Palm Avenue Trolley Station, bus lines and major retailers located across the street including CVS Pharmacy. The highly visible property fronts Palm Avenue and allows for easy access to Interstates 5 and 805 as well as Highway 905. The complex is a short drive to Imperial Beach & Pier, Silver Strand Beach and Coronado Island. In addition, the complex is in close proximity to major employment centers such as North Island Naval Base and downtown San Diego.

About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with 3,000 professionals in 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $17 billion in 2010, manages 430 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, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.

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 nearly $1.2 billion in transactions in 2010. For more information about Cassidy Turley BRE Commercial, please visit www.brecommercial.com.

Lesley-Joann Kolb

858.625.5244

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