LONG BEACH, Calif., Dec. 2, 2020 /PRNewswire/ -- Harbor Associates, LLC has reintroduced a 39,537-square-foot garden-style office building to the San Diego submarket of Del Mar as the Bungalows Del Mar Office (https://www.thebungalowsdelmar.com/) after completing a major $4 million renovation.
Harbor, in joint venture with the Bascom Group, acquired the Del Mar office property located at 2010 Jimmy Durante Boulevard in 2018 with the plan of repositioning the asset to appeal to a broader tenant base. Improvements included a complete exterior redesign and new creative office suites with exposed vaulted ceilings, polished aluminum ducting, skylights and operable windows. To leverage the building's location less than one mile from the beach and the Village of Del Mar, Harbor upgraded the expansive outdoor space and patio areas to create "outdoor meeting rooms" and installed a locker room with showers, bicycle and surfboard storage and electric car chargers.
"While most national and Del Mar office space for rent leasing has ground to a standstill this year due to the pandemic and work from home orders, the office leasing interest and activity at the Bungalows Del Mar Office has been incredible," said Harbor Principal Justin Loiacono. "Even before renovations were complete, we leased 25 percent of the rentable space to tenants in the health care, medical, financial services and technology sectors with leases out to similar tenants for another 10,000 square feet. We are confident in our ability to stabilize the building by the first quarter of 2021."
The building's location, design and functionality in coastal Del Mar have contributed to the leasing success during the pandemic, according to Harbor Principal Rich McEvoy.
"Del Mar office tenants have been drawn to the exterior entries rather than enclosed hallways, restrooms accessed from outdoor common space, excellent circulation with operable windows throughout, expansive outdoor patio and meeting space, independent HVAC systems, and social distancing design plan," said McEvoy.
Harbor Associates and Bascom Group have been one of the most active value add buyers of office properties in Southern California having built a portfolio of 28 office buildings over the last six years that comprise more than 3.7 million square feet of space.
"Despite the pandemic and lack of office sales transactions, we have a robust pipeline of activity behind this transaction and look forward to continuing to build our Southern California portfolio," added Bascom Managing Partner Jerry Fink.
About Harbor: Harbor Associates, LLC (www.harborassociates.com) is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California and Denver. Harbor has been involved in the renovation, repositioning and development of 28 office projects totaling over 3.75 million square feet with a portfolio value in excess of $1.0B. The company is a joint venture with The Bascom Group, LLC.
About Bascom: The Bascom Group, LLC (www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $17.0 billion in multifamily and commercial value-added transactions including more than 330 multifamily properties containing over 85,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Bascom Milestone Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Workspaces, the largest privately held coworking company in the U.S.
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SOURCE The Bascom Group