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.
Integra-San Diego recently valued the going concern interest of a hotel resort property, consisting of 70,833 SF gross leaseable area on 5.75 acres. The property has 146 rooms, was built in 1981 and renovated in 2010. The purpose of the appraisal was for portfolio management.
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.
In the first 6 months of 2016, IRR-San Diego’s Hospitality Valuation Group has completed 40 hospitality appraisal assignments, ranging from small, independently owned bed & breakfast motels, to full service, major chain luxury hotels. These 40 appraisal assignments have a combined real estate value of over $282 million, and a combined gross building area of 1.7 million square feet. The hotels were located throughout San Diego, Orange and Los Angeles counties, and other California locations, including Fresno, Santa Barbara and Santa Cruz. IRR-San Diego’s principal and Sr. Managing Director, Jeff Greenwald, MAI, SRA, ASA, AI-GRS, FRICS, is also licensed in Washington, Oregon, Arizona, Texas, New Mexico, and Georgia. Several of the 40 appraisal assignments completed were located in those states.
For further information on IRR-San Diego’s Hospitality Valuation Group or a copy of their brochure, please email email@example.com.
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 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.
IRR San Diego has completed a commercial appraisal of a retail property located in Cardiff-By-The-Sea (Encinitas) in San Diego County. The property consists of a service station (gas station), fast food retail space, and a carwash totaling about 4,900 square feet. Built in 1970, the improvements were later expanded and renovated in 2007. The site area is 0.73 acres on two parcels, with one of the parcels encumbered with a ground lease. The purpose of this commercial valuation was for loan underwriting purposes for a lender.
This assignment involved a valuation of the market value of the going concern, which includes the real estate (e.g. land, building, site improvements, etc.); furniture, fixtures, and equipment necessary to operate the businesses; and business value (which includes items such as goodwill). Both Jeff Greenwald and Eric Schneider are both qualified sources for going concern properties as they have earned the ASA designation from the American Society of Appraisers.
If you have any questions regarding the appraisal of service stations, carwash properties, or other going concern properties, please contact us today at 858-259-4900 or firstname.lastname@example.org.
IRR San Diego has completed a commercial appraisal of a multifamily property located in North Park community of San Diego. The property is an existing apartment building containing 10 dwelling units. Built in 1967 and totaling 7,050 square feet of rentable area, the property is 100% leased as of the effective appraisal date. The building is located on a 0.16 acre site. As with many older projects in San Diego, the property is determined to be legally nonconforming with respect to current zoning regulations, including street frontage, density, floor area ratio, and parking. The purpose of this commercial valuation was for loan underwriting purposes for a lender.
If you have any questions or needs regarding an apartment appraisal, please contact us today at 858-259-4900 or email@example.com.
IRR San Diego has completed a commercial appraisal of an industrial property located in the community of Golden Hill in San Diego. The building is approximately 8,200 square feet and is located on a 0.46 acre site. Constructed in the 1960’s, the property is 100% occupied by the property owner. The purpose of this commercial valuation was for loan underwriting purposes for a lender.