San Diego, Calif. – February 9, 2015 – (RealEstateRama) — The San Diego office of Voit Real Estate Services has completed the $10.819 million sale of a five-acre land site in the Kearny Mesa submarket of San Diego, California on behalf of its client, the Cook Inlet Regional Indians (CIRI) of Alaska.
The property was purchased by the State of California, which plans to construct a California Highway Patrol office on the site, according to Randy LaChance, Senior Vice President, SIOR in Voit Real Estate Services’ San Diego office.
“The Voit team identified the opportunity for our client upon learning that the State of California was searching for a new Highway Patrol site in central San Diego County. We were successful in presenting this opportunity and facilitating a sale that benefitted both parties,” says LaChance, who notes that the land is located on the corner of Kearny Villa Road and Ruffin Road. “We knew this vacant site is well-positioned for new development based on its size and proximity to the I-15 freeway.”
Voit represented the seller, the Cook Inlet Regional Indians (CIRI) of Alaska, who had owned the site since acquiring it in a U.S. Government auction in 1989 when Highway 52 bisected the Miramar Base.
According to LaChance, the CIRI tribe had been working with the Voit team and a local development company since 2006 in an effort to entitle the property for the development of a 175,000 square foot office tower.
“The proposed office development was understandably stalled during the Great Recession, and the entitlement process resumed in 2013,” explains LaChance. “The opportunity to sell the land to the State of California emerged as a better solution for our client, and we were able to complete the sale quickly and seamlessly.”
Voit Real Estate Services’ Randy LaChance, Senior Vice President, SIOR; Glen Volk Senior Vice President, SIOR; and Paul Brown, Vice President represented the Cook Inlet Regional Indians as the seller in the transaction. The State of California represented itself as the buyer.
About Voit Real Estate Services
Voit Real Estate Services is an 11 office commercial real estate firm that, through its brokerage and real estate management professionals working together, provides strategic property solutions tailored to clients’ needs. Combining more than 40 years of expertise in brokerage, investment advisory, financial analysis, market research, real estate management and tenant advisory, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 64 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $42.5 billion in brokerage transaction volume. Further information is available at www.voitco.com.
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