Steve Lyle CB Commercial
“There are definitely future development opportunities with this property and current long-term successful tenants.” Immediate plans for the property located at 5225/35/47 Kearny Villa Road includes new tenant improvements,
and exterior upgrades for existing and new tenants. Westbrook Ventures I LLC has hired a respected and renowned renovation design specialist, La Franz Contracting & Design Inc., based in San Diego, CA.
The real estate transaction closed on April 22, 2011 with a celebration in the parking lot. Steve Kerch of BAP Properties, LLC, who was the previous owner of 30 years, discussed the long-term history of the property. The
Filippi’s Pizza Grotto was located in the rear building before it moved to its current location. The Black Angus, located in the 7,500 square foot front building has been a tenant since 1969. It would be the second location for Stuart Anderson in what would become a national chain of more than 100 steakhouses across the county.
The rear building is currently being converted into a new eating and drinking establishment called, Elbow Room. Anthony Pantele and Ruth Roitenberg, say that their new enterprise, “will focus on attracting a local following with exceptional food, fun, games, TVs and a patio including a fire pit.” In addition, Westbrook Ventures I LLC has started construction of new corporate offices for their Real Estate Acquisitions and Holdings Company.
“The fact that the two vacant spaces were able to be quickly leased during the escrow period shows that there is a strong demand for space along the 163 corridor, in the Kearny Mesa sub market,” commented Ed Woolery, Coldwell
Banker Commercial, Lyle and Associates. The long-term future for this highly visible freeway location is redevelopment. The site is ideally suited for hotel, office tower, or mixed-use (including restaurant),” added Steve Lyle.
Concerned about the seasonality of the desert, Westbrook Ventures I LLC reviewed more than 100 restaurant properties for potential purchase, (in both Riverside County and San Diego County real estate markets). Finally, the search ended in Kearny Mesa due to the fact that the area renders a huge upside for future devilment of this property. The final transaction price was $3,300,000.00.
For additional information about this real estate transaction, please contact Steve Lyle at Coldwell Banker Commercial, Lyle and Associates, Phone (760) 578.9927 or via email at stevelyle@cbclyle.net or Ed Woolery, (858) 259-4555 or via email at Ed_Woolery@yahoo.com.
real estate that allows them to maintain profits while increasing the visual appeal as well as structural renovations for a stronger leasing market. Westbrook Ventures I LLC also has a deep partnership pool that assists in the management and operations of their holding and investments which all assist greatly in the future mission of the organization and the growth of properties it holds.
About Coldwell Banker Commercial, Lyle & Associates
Coldwell Banker Commercial, Lyle & Associates, provides commercial real estate sales and leasing throughout San Diego and Riverside counties. The firm has recently completed over a dozen restaurant sale and lease transactions during the first four months of 2011.
