IRR-San Diego recently completed the appraisal of a single tenant industrial warehouse property consisting of 64,160 SF gross leaseable building area, on 3.91 acres, built in 1987. The site is 100% occupied by a single tenant. The purpose of the valuation was for loan underwriting.
IRR – San Diego recently appraised the sandwich leasehold interest of a meeting/conference center, containing 32,907 square feet of rentable area.
The improvements were constructed in 1993 and are 100% leased as of the effective appraisal date. The site area is 2.41 acres. The appraisal was completed for the purpose of making ownership management decisions.
Integra – San Diego appraised an existing office property containing 276,578 square feet of rentable area. The improvements were constructed in 1997 and were 100% leased as of the effective appraisal date. The site area is 17.26 acres. This appraisal was completed for financing purposes for an insurance company client.
Integra – San Diego recently appraised over 1,100 acres of agricultural land, which included farmland and feedlots, as well as subsurface mineral rights and geothermal steam rights. The portfolio was valued on behalf of a family trust, for estate planning purposes.
Integra Realty Resources – San Diego has just completed the appraisal of 20 properties for estate tax purposes with a combined real estate value of over $100,000,000. The properties, located in and around San Diego county consisted of 6 multi-tenant retail properties, 4 industrial properties and 1 industrial business park, 2 multi-tenant office properties, 1 medical office, 3 multi-family properties, and 2 hotel properties, with a combined square footage of over 500,000 SF.
Office Property – 6,500+ SF Rentable Area
73,000 SF Rentable Area on 4.30 Acres
66,416 SF Rentable Area – Part of 20 Property Trust Portfolio
Integra – San Diego has completed an appraisal of a 68,000 SF neighborhood retail center in El Cajon. The property is located on 5.76 acres, and includes 3 buildings, one of which is a Big Box retailer. This property was 96% leased as of the effective appraisal date. The client wanted to estimate the property’s value assuming a hypothetical subdividing/remapping of the existing site, creating two newly created land pads. The appraisal was completed for a financial services firm on behalf of a national financial institution.
Integra – San Diego recently completed an appraisal of the leased fee interest of an industrial property containing 76,988 SF of rentable area. The property was 100% leased at the time of the appraisal. Site area is 4.18 acres. This appraisal was completed for loan underwriting purposes for a financial institution
IRR-San Diego recently performed a market value appraisal of the leased fee interest in an office tower property containing 232,000+ SF rentable area, located on a site of .69 acres, in downtown San Diego. This appraisal was performed for loan underwriting purposes for a financial institution.
Integra – San Diego appraised the retail condominium units of a high-visibility mixed-use, commercial/residential property in San Diego. This property was originally built as a movie theater in 1911, and preserving only the Egyptian Revival architecture facade, in 2005 it was developed as a six-story mixed-use building containing 80 residential units, as well as the commercial condos. Site area for the entire project is .76 acre. The six retail condominium units were appraised as a single unit, for loan underwriting purposes for a financial institution.
Integra San Diego recently completed an appraisal consisting of an existing restaurant property of approximately 2,600 square feet of gross leasable area, on 0.06 acres, or 2,700 Square feet, and a parking lot that is non-contiguous, located approximately 2 blocks away from the restaurant. The parking lot site area is approximately 0.06 acres or 2,748 square feet. The client requested that the two properties be valued separately. The subject properties were in escrow at the time of the appraisal. Both the Sales Comparison Approach and the Income Capitalization Approach were used in this valuation. The purpose of this appraisal was for lending purposes with a financial services institution.
Integra Realty Resources – San Diego, along with its 60+ offices nationwide, has again published mid-year updates to our annual Viewpoint publication – with both a National Overview and over 300 Local Market reports.
The San Diego commercial real estate market, as well as markets across the country, continues exhibiting improving market conditions for all major property types, including office, multifamily, retail, industrial, and lodging.
For a complete look at the data presented in IRR Mid-Year Viewpoint 2015, please click on the links below.
Based on our research, market conditions are expected to improve across all property types in San Diego. The following charts detail current rental and vacancy rates for office, retail and industrial property types in San Diego in comparison with the rest of the region and the United States. Following these current snapshots is a 12-month forecast of the change in market rent, the amount of square feet absorbed, the amount of construction completed, and the estimated allowance for tenant improvements.
On July 15, Integra Realty Resources will be publishing their mid-year Viewpoint publication, a comprehensive analysis of over 60 markets across the United States and the Caribbean. Compiled by MAI-designated appraisers, this update highlights local trends, cap rates, rental information, and other important commercial real estate data.
The following excerpts highlight trends for the office, industrial, and retail markets in San Diego.
We are pleased to announce that Jeffrey Rice has joined IRR San Diego as our newest analyst! Read More
Jeff Greenwald, Principal and Senior Managing Director of IRR San Diego, has recently earned the AI-GRS designation from the Appraisal Institute. According to the website, the AI-GRS membership designation is held by appraisers who are experienced in general appraisal review. To become an AI-GRS member of the Appraisal Institute, an individual must: Read More
As construction in San Diego increases across all sectors, so too does the cost of construction. The following data from Marshall Valuation Service, provider of building cost valuation data, summarizes how the average building cost per square foot has changed over the past five years for three property types: Class A office (glass and steel construction), Class B distribution warehouse (concrete tilt-up construction), and Class C retail store (masonry construction).
Integra San Diego has completed a commercial appraisal of a school property located in Kearny Mesa area of the City of San Diego. The building is approximately 49,500 square feet and is located on a 2.77 acre site. Originally constructed as an industrial building in 1985, the improvements were remodeled as a school in the early 1990’s. As such, the building includes classrooms, multi-purpose rooms and a kitchen. The purpose of this commercial valuation was for loan underwriting purposes for a lender.
If you have any needs or questions regarding an appraisal of a school, please contact us today at 858-259-4900 or firstname.lastname@example.org.
IRR San Diego has completed a commercial appraisal of a service station property located in the Del Mar Heights community of the city of San Diego. The property also includes a convenience store. Overall, the property has 1,930 square feet of gross leasable area; the convenience store is about 770 square feet, and there is an existing service bay area that is approximately 1,160 square feet. The improvements were constructed in 1971, are 100% owner-occupied as of the effective appraisal date, and are situated on a 0.71 acre site. The purpose of this commercial valuation was for loan underwriting purposes for a lender and included valuing the property’s going concern. This valuation also included a prospective market value appraisal as the subject is scheduled to be renovated to include a car wash.
If you have any questions or needs for a service station appraisal, please contact us today at 858-259-4900 or email@example.com.
With strong fundamentals expected to help the industrial market along, we review San Diego County submarkets to see which areas are most in demand. The following show which submarket has the highest rental rate, the lowest vacancy rate, and the most positive absorption numbers for all industrial property types, including warehouse and flex space.
Integra San Diego has completed a commercial appraisal of an office condominium property located in Carlsbad in San Diego County. The property consists of two existing, contigous units totaling about 2,550 square feet of rentable area. The improvements were constructed in 2006 and were 100% occupied by a single tenant as of the effective appraisal date. The purpose of this commercial valuation was for loan underwriting purposes for a lender.