Harbor Associates completes rental of Bungalows Del Mar office in Del Mar, Calif., despite pandemic and work-from-home trend
LONG BEACH, Calif., August 12, 2022 /PRNewswire/ — Harbor Associates, LLC (“Harbor”) has finalized the rental of Bungalows Del March office (https://www.thebungalowsdelmar.com/) despite the pandemic and work-from-home trends that have slowed traditional office rentals. The Del Bungalows March office is a low-rise, trendy 39,537 square foot office building located in the popular coastal region San Diego sub-market of Del Mar. Harbor left the building and recently completed a major $4 million trendy establishment and breathtaking renovation.
Harbour, in joint venture with Bascom Group, LLC acquired the Del Mar office building located at 2010 Jimmy Durante Boulevard with asset repositioning plan to attract a broader tenant base. Improvements included a complete exterior overhaul, creative new office suites with exposed vaulted ceilings, skylights and operable windows. To take advantage of the building’s location less than a mile from the beach and Village of Del MarHarbor has upgraded the vast outdoor space and terraces to create “outdoor meeting rooms” and installed a changing room with showers and electric car chargers.
The location, design and functionality of the building in the coastal region Del Mar contributed to leasing success during pandemic and work-from-home trend, says Harbor Principal Rich McEvoy. “Del Mar office tenants were drawn to exterior entrances rather than enclosed hallways, washrooms accessible from exterior common space, excellent circulation with operable windows throughout, expansive exterior patio and meeting space, HVAC systems freelancers and a social distancing design plan,” McEvoy said.
Harbor has also retained the services of innovative interior designers like Tamara Romeo of San Diego Office Design who designed many of the property’s tenant spaces. Tamara is one of the San Diego one the industry’s most sought-after niche experts, with focused expertise in commercial interior design and brand development. “There is no shortage of office tenants looking for light, bright and modern environments. Add to that the beautiful setting of the Del Mar the racetrack, the restaurants and shops of the Plaza and the coastal views from the property, and it makes our job as interior designers as easy as adding frosting to the already delicious cake,” Tamara added. “As a design firm that caters to clients looking for strong cultural connections in their offices, attracting and retaining high-value staff is part of the return on investment necessary for our services to are worth the investment. Our completed projects for customers in the bungalows continue to receive rave reviews, which translates into happy customers, and that makes us happy too!”
Although office properties are not popular with institutional investors, Harbor continues to seek selected and contrarian opportunities in the sector to create value. “We are pursuing acquisition strategies for similar well-located and differentiated office projects that will be in demand as workers continue to return to the office, we have a strong business pipeline and look forward to adding to our Southern California portfolio,” added Harbor Principal Justin Loiacono.
About port: Harbor Associates, LLC (www.harborassociates.com) is a value-added operating platform focused on acquiring and repositioning underperforming commercial real estate assets across Southern California and denver. Harbor has been involved in the renovation, repositioning and development of thirty-four office projects totaling over 4.0 million square feet with a portfolio value in excess of $1.0 billion. 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, many through foreclosures, bankruptcies or short sales, and repositions them by adding significant capital improvements, improving revenues and reducing expenses realizing operational efficiencies through the implementation of institutional quality property management. Bascom, founded by directors Derek Chen, jerry finckand David Kimis one of the most active and experienced apartment buyers and operators in the United States. Since 1996, Bascom has realized more than $21.0 billion in multi-family and commercial value-added transactions comprising over 354 multi-family properties containing over 100,000 units. Bascom’s business transaction volume is $4.0 billion in total and amounts to more than 22.0 million square feet. Bascom ranked among the top fifty multifamily owners in the United States. Bascom’s subsidiaries and joint ventures include Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures and The Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately owned executive suites, coworking and shared workspace companies in the United States.
SOURCE The Bascom Group