The new owner of the Serra Mesa Shopping Center is OmniNet Serra Mesa LP. They are a subsidiary of OmniNet Capital of Beverly Hills.
They also own Sky Park Business Center off Ruffin, since last August.
The property will be managed by SENTRE Partners: www.sentre.com
From OmiNet’s website about Rancho Serra Mesa:
Investment Firm Acquires Kearny Mesa Center
San Diego, CA – March 14, 2011 (San Diego Business Journal)
Omninet Capital LLC is the new owner of Rancho Serra Mesa, a neighborhood retail center on Greyling Drive in San Diego’s Kearny Mesa neighborhood. The 55,000-square-foot center, anchored by CVS Pharmacy, has a tax value of approximately $6.7 million, according to Omninet Managing Partner Benjamin Nazarian.
The company said the transaction officially closed on March 4. The center was acquired from lenders out of receivership proceedings involving the former owner.
Last year Omninet, a Beverly Hills-based private investment firm, announced it planned to make $100 million in San Diego commercial real estate investments over the next few years. Its recent buys have included the Sky Park Business Center, off Aero Drive in Kearny Mesa, with a value of $9.2 million.
http://www.sdbj.com/news/2011/mar/14/view-local-hotel-market-sees-sales-surge-continuin/
From OmniNet’s website about SkyPark:
Business Park Has New Owner
San Diego, CA – August 9, 2010 (San Diego Business Journal)Omninet Capital LLC, a Beverly Hills-based private investment firm, has purchased Sky Park Business Center, formerly known as Montgomery Business Center off Aero Drive in San Diego’s Kearny Mesa submarket.
A July 29 Omninet statement did not disclose a purchase price, but its investment manager, Mary Vanzo, said via e-mail that the property’s tax value is $9.2 million. Sky Park, acquired from Sky Park Associates LP, includes two adjacent buildings with approximately 83,000 square feet of total rentable space.
Omninet says this acquisition is the first of what will eventually be a $100 million investment boost in the San Diego commercial real estate market over the next few years. The statement said Omninet has a history in San Diego going back to 1985, when it participated in the initial financing of what is now the wireless communications tech titan Qualcomm Inc.
The investment company says it is capable of closing transactions quickly, without the need for bank financing, and the all-cash Sky Park acquisition was closed in four days. “Brokers were amazed that we signed a purchase agreement on a Monday afternoon and funded the entire purchase price by Thursday of the same week,” said Omninet Managing Partner Neil Kadisha.
The local office market in recent months has experienced rising vacancies and falling rents. But Omninet’s director, Michael Daniel, said the firm was confident about the region’s growth potential, citing upticks in job creation and positive office space absorption during the past two quarters.
