Eric Cassin is a contributing editor to Real Estate Southern California, from which this article is excerpted. Back in October of 2004, Australia-based Macquarie Office Trust had just a slight presence in the Southern California office market; its sole office asset here was the two-building Pasadena Towers property that it had picked up the month prior with joint venture partner Equity Office Properties. Having just completed their takeover of the US-focused Principal America Office Trust, Macquarie…

SAN DIEGO, CA-The locally based firm acquires a 92-unit apartment asset from Ash Street Ventures LP, with plans to convert the property into a condo complex. Davlyn plans to begin selling the units as early as next month.

SAN DIEGO-Carl Venstrom of Carlsbad purchases the Kemper Street multifamily complex from locally based Loma Scenic Apartments LP in a deal worth nearly $2.9 million. Built in 1961, the property is comprised of two, freestanding buildings that were 100% occupied at time of sale.

VISTA, CA-Private investors Phyllis and Bill Foster acquire the 14-year-old asset from Newport Terrace Partners LP in a deal worth $6.1 million. The buyers intend to hold the property as a long-term investment.

SAN DIEGO-The locally based consortium of real estate companies acquires Madison Avenue Manor from Behr Family Partnership I, with plans to convert the 33-year-old apartment property into a condominium complex.

SAN DIEGO-San Diego County continues to be a stable source of employment, as evidenced by two recent reports on the region. The California Employment Development Department ranks the area as having the eighth lowest unemployment level in the state last month, while the UCLA Anderson Forecast says that the area is on track to register a 2.3% gain in private-sector payrolls for the year.

SAN DIEGO-GDG Partners LLC acquires the site from Alecta Pensions LLC with plans to develop a residential tower on the property.

ALPINE, CA-An affiliate of Westcore Properties LLC, known as Westcore Freightways LLC, pays $8.6 million for Alpine Creek Center, which is a six-building retail center located here. Currently 100% occupied, the asset encompasses a total of 73,402 sf.