Daily Business Report-Oct. 4, 2017
The former San Diego Woman’s Club building has become the Parq West under new owner John Crisafulli. (Photos courtesy of John Crisafulli)
Noted San Diego Caterer Turns Former
Woman’s Club Building into a Fancy Event Space
The former home of the San Diego Woman’s Club in Bankers Hill, a colonial-style building that served the club for more than 70 years, has been turned into an event space by noted caterer John Crisafulli.
The woman’s club elected to sell the building to Crisafulli after cost of upkeep became too much. Never to pass up an opportunity, Crisafulli has turned the clubhouse into a state-of-the-art event space, while maintaining its historic charm. It’s called Parq West.
The Woman’s Club is still around. It’s renting a space in Parq West for its meetings.
Being in the catering business in San Diego for more than 30 years, Crisafulli said he recognized the need for a high quality flexible event space, especially near San Diego’s urban center. The former clubhouse offered the opportunity to upgrade and improve an iconic building in Bankers Hill and create an event space that can be used by the local community, brides, convention groups, and San Diego-based companies.
Crisafulli owns Behind the Scenes Catering, which has provided its services domestically to such large-scale events as the Red Bull Air Races, ESPN X Games, the Susan G Komen 3-Day Walk, the Rose Bowl football game, the Super Bowl as well as being the lead catering provider at countless Summer and Winter Olympic Games. He knows a thing or two about hosting events.
The former clubhouse, located at 2557 Third Ave., has undergone major renovations. It can accommodate parties of up to 500 people and has space/seating both inside and out.
People can rent the space by the hour weekdays (Monday – Thursday) or by the day on weekends (Friday-Sunday). The full day rental offers exclusive use of the full venue and comes all-inclusive with use of venue tables, chairs, ancillary break out rooms, Library Lounge, and the Garden Courtyard. Parq West will also provide complete event planning to assist venue clients, including menu and beverage services, event décor, entertainment, and will also allow clients to use outside vendors for event support services. The venue also is equipped with a large LED Video wall that can be used for video and entertainment purposes.
For more information: (619) 234-0510 or visit http://www.btscenes.com.
New Business Accelerator Launched to Grow
Early-Stage Businesses in Underserved Areas
The city of San Diego is partnering with the Jacobs Center for Neighborhood Innovation and CONNECT to open the first business accelerator designed to grow early-stage businesses in San Diego’s underserved communities.
The city will provide the initial capital investment of $1 million in the first year and up to $500,000 for each of the next three years for the business accelerator’s launch and management. The total financial commitment is up to $2.5 million over four years.
The business accelerator will be located at the Jacobs Center for Neighborhood Innovation in San Diego’s Diamond neighborhood, a historically-underserved community which has been identified as part of San Diego’s federally designated Promise Zone. The Jacobs Center will provide nearly 4,300 square feet at the Joe and Vi Jacobs Community Center facility as a dedicated flexible co-working space complete with office equipment and support services, including high-speed internet, telephones, printers and copiers.
CONNECT will provide business management assistance, mentorship, access to capital and other resources to foster their development at an “accelerated” pace.
Cruzan Purchases a Carlsbad
Office Development Called ‘make’
Cruzan has refinanced a 176,900-square-foot office development in Carlsbad with a $41.2 million bridge loan arranged by CBRE. Located at 5600 Avenida Encinas, the property — named “make” — was redeveloped from industrial to high utility office space that houses strong corporate tenants.
The property is 400 yards from the ocean and the building features an outdoor amphitheater, Copa Vida café, Move fitness facility, resort-style locker room facilities, outdoor work spaces, common area WI-FI, a fire feature, bike sharing program, horseshoes and more.
Vista Investment Group Acquires
10-Story Mission Valley Office Bldg.
Vista Investment Group has acquired Plaza 2020, a 10-story, 105,796-square-foot Class A office building in Mission Valley. The acquisition was financed with a $16.6 million fixed-rate life company loan arranged by Holliday Fenoglio Fowler L.P. Plaza 2020 is situated on a 3.16-acre site at 2020 Camino del Rio North adjacent to Interstate 8.
Built in 1970, the office building was renovated in 2000, with a complete redesign of the exterior façade, upgraded lobby and common areas along with new mechanical, electrical and plumbing systems. The office tower also features more than 10,000 square feet of tenant-serving ground floor retail. The building was above 95 percent leased at closing and offered a 7.8 percent cap rate on in-place income. Major office tenants at Plaza 2020 include the University of Redlands and American Preferred Lending, both of which occupy full floors.
Vista plans to make improvements to the building’s lobby, common areas, restrooms, and front entryway.
This is Vista’s second significant investment in San Diego since entering the market in January, when it acquired an 80-unit apartment community in La Mesa for $19 million.
TH Real Estate Acquires
Rancho Hills Apartments in Vista
TH Real Estate, an affiliate of Nuveen and a TIAA company, has acquired the Rancho Hills apartments in Vista for an undisclosed price.
Constructed in 1986, the property consists of 148 apartments. The community includes a large pool deck with a pool, spa, gas barbecues, a state-of-the-art laundry facility and covered carport parking.
CBRE represented the seller, a global investment adviser.
City Council Approves Long-Delayed
Glickmann Hillel Center near UC San Diego
After nearly 20 years of planning and review, the Beverly and Joseph Glickman Hillel Center was approved Tuesday by the San Diego City Council. Proposed by Hillel of San Diego — an organization for Jewish college students, the Glickman Hillel Center will provide a new permanent home for Hillel’s programming, mentorship and religious services.
The City Council voted unanimously to approve the project, and commended Hillel for the changes that have been incorporated into the project in response to community input.
Located on a vacant 0.8-acre parcel bounded by La Jolla Village Drive, La Jolla Scenic Way and La Jolla Scenic Drive North, the facility will be located directly across the street from UC San Diego. Hillel has been working with the city and the community since 2000 to develop this project. The Glickman Hillel Center will be the convening space for Jewish life on campus, and is the remaining critical piece the organization needs to make sure that all students are welcomed into community and have a platform for developing as leaders.
The new LEED-certified project will total approximately 6,500 square feet and will provide space for religious programs in three separate, one- and two-story buildings around a central outdoor courtyard. The plans include 27 surface parking spaces, bicycle storage, and a small publicly accessible, park-like area with a bicycle and pedestrian path, bench, and water fountain.
“We are thrilled with the result of today’s hearing,” said Robert Lapidus, who championed the project for Hillel of San Diego’s Board. “We have spent years designing this new center to both meet Hillel’s needs and benefit the community, and we are confident that the Glickman Hillel Center will make everyone proud.”
La Jolla resident and philanthropist Joseph “Chickie” Glickman, age 102, donated the lead $5 million gift for the Beverly & Joseph Glickman Hillel Center to provide students at UC San Diego with a permanent Jewish home near campus.