new san diego, ca 92101 investment opportunity · 2019. 2. 11. · bankers hill is a long...

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19051927

5 T H A V E N U E

S A N D I E G O, CA 92 1 01

O F F E R I N G M E M O R A N D U M

table of contents

THE OFFERING

Executive Summary

Offering Highlights

Offering Details

THE PROPERTY

Property Details

Parcel Map

Floor Plans

THE MARKET

Bankers Hill Overview

Aerial Map

Sales Comps

1 9 0 5 - 1 9 2 7 5 T H A V E N U E O F F E R I N G M E M O R A N D U M2

Executive Summary

CBRE Inc. is the exclusive listing agent for the sale of this single or multi-tenant office building in the highly coveted Bankers Hill submarket. The Property includes the approximately 18,142 SF building with approximately 19,267 SF of land on two parcels, one of which is currently used as a surface parking lot. The offering presents a unique opportunity for a user to own and occupy a building near Downtown or for a new development in one of San Diego’s most desirable urban markets.


OFFERING HIGHLIGHTS

• Located in Bankers Hill immediately adjacent to Balboa Park, and in close proximity to Downtown and San Diego International Airport

• Ideal for Owner/User, 45 on-site parking spaces, easy freeway access

• Zoning permits medical office use

• “Value Add” or Development Opportunity / Short term (12-18 months) tenant lease back

Offering Details

ASKING PRICE:$4,200,000

CAP RATE:N/A Tenant (RECON Environmental) will vacate at close of escrow or after short-term lease back

$PSF (BUILDING):$232

$PSF (LAND):$218


PropertyDetails

Grape Street

Elm Street

Fir Street

6th

Ave

5th

Ave

4th

Ave

3rd A

ve

Address: 1905-1927 5th Ave. San Diego, CA 92101

Building Size: 18,142 SF

Land Size: 19,267 SF

Parking: 45 spaces

Two (2) Parcels: APN 533-293-10 / East side of 5th Avenue

• 18,142 SF Office Building • 14,170 SF Land Parcel • 24 Parking Spaces

APN 533-292-08 / West side of 5th Avenue • 5,097 SF Land Parcel • Surface Parking Lot / 21 Spaces

Year Built: 1956 and 1960 (approximately)

Zoning: CC-3-4 • Allows retail, office, medical office,

commercial services, and residential development

• Residential development density = 1 unit per 1,500 SF land

• FAR = 1.0

• Height Limit = 30’


DN

UP

LOBBY

PRODUCTION / GIS / CORPORATE

TEAM

TENANT A(600 SF)

GARAGE

ELEV

COFFEE

WOMEN

MEN

SHOWERMUD ROOM

STAIRS STAIRS

COMMUNICATING STAIR

STAIR

ELEC

COURTYARD

COPY ROOM

SERVER

STORAGE

LAYOUTEQUIP

RECEPTION

© 2016

STAMP AND SEAL

LOCATION WHEN

JURISDICTION

STAMP

AT TOP

CONSULTANTS PLACE

LOGO HERE.

SCALED TO FIT

180 PIXELS

ALIGNED TO BOTTOM

NOT FOR CONSTRUCTION

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Level 1-Black andWhite

A117

RECON

OWNER

225 BroadwaySuite 1300San Diego, California92101 USA

(619) 318-3800

WWW.HED.DESIGN

1/8" = 1'-0"1 Level 1-Black and White

Date Issued For

FloorPlans

AS BUILT: FLOOR PLAN 1

HYPOTHETICAL: FLOOR PLAN 1


DN

UP

DN

UP

STORAGE LARGE CONFERENCE ROOM

MED CONFERENCE ROOM

CEO

ACCOUNTING

MARKETING

LOUNGE / BREAK

WOMEN

MEN

BIO LAB

RESTORATION

CFO

PRIVATE

ELEV

STAIRS STAIRS

COMMUNICATING STAIRS

STAIRS

SMALL CONFERENCE ROOM

COPY / PRINT

OPEN ABOVE

© 2016

STAMP AND SEAL

LOCATION WHEN

JURISDICTION

STAMP

AT TOP

CONSULTANTS PLACE

LOGO HERE.

SCALED TO FIT

180 PIXELS

ALIGNED TO BOTTOM


C:\R

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A118

RECON

OWNER


(619) 318-3800

WWW.HED.DESIGN

1/8" = 1'-0"1 Level 2 -Black and White

Date Issued For

FloorPlans

AS BUILT: FLOOR PLAN 2



Xref PT4C000077-58363 Xref PT4C000076-58362 Xref PT4C000075-58361 Xref PT4C000067-58360

Xref PT4C000077-58363Xref PT4C000076-58362Xref PT4C000075-58361Xref PT4C000067-58360

Xref PT4C0

00077-5836

3Xref

PT4C000076

-58362

Xref PT4C0

00075-5836

1Xref

PT4C000067

-58360

DNUP

DN

ROOF

SMALL CONFERENCE

BREAK

ARCHY LAB

FEDERAL

AGENCY

OPEN TO BELOWHUDDLE

STAIRSELEV

STAIRS

COPY / PRINT

GREEN ROOF

WOMEN

MEN

© 2016

STAMP AND SEAL

LOCATION WHEN

JURISDICTION

STAMP

AT TOP

CONSULTANTS PLACE

LOGO HERE.

SCALED TO FIT

180 PIXELS

ALIGNED TO BOTTOM


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A119

RECON

OWNER


(619) 318-3800

WWW.HED.DESIGN

1/8" = 1'-0"1 Level 3-Black and White

Date Issued For

FloorPlans AS BUILT: FLOOR PLAN 3



Property Location

BANKERS HILL OVERVIEW

Bankers Hill is a long established Uptown San Diego urban neighborhood bordering Downtown to the south, Balboa Park to the east, Mission Hills and Hillcrest to the north, and Little Italy to the west.

The area is mixed use with older single-family homes, newer midrise condos and apartments, street level retail, and small office buildings. Many of the structures in Bankers Hill date back to the 19th century and were designed by renowned architects, such as Irving Gill, William Hebbard, and Frank Mead. Some of these historical buildings have since been converted from family homes into law offices, medical offices, and other professional uses. Due to its central location next to Balboa Park, Bankers Hill has evolved into a modern hot spot of activities and development offering an abundance of amenities. The area attracts residents and businesses who want to be in the heart of the city while still enjoying the benefits of the quaint, historic neighborhood near the park. Since 2009 there has been an explosion of development in Bankers Hill with builders, buyers and tenants looking to take advantage of the area’s many attractive qualities.

1616Minutes to San Diego

Airport

0707Minutes to Downtown San Diego

2727Minutes to

Pacific Beach

Bankers Hill offers elevated, panoramic views of Downtown, San Diego Bay, the airport, Point Loma and Coronado, Harbor Island and Mount Soledad.

“Bankers Hill has become such a vibrant neighborhood. It has close proximity to everything. It has the best restaurants and it’s near Balboa Park and downtown. Balboa Park, one of San Diego’s most remarkable assets, [is the area’s] front yard.”

San Diego Business Journal


Location Aerial

SAN DIEGO BAY

SAN DIEGO INTERNATIONAL AIRPORTBALBOA PARK

BANKERS HILL

DOWNTOWN SAN DIEGO

1 9 0 5 - 1 9 2 7 5 T H A V E N U E O F F E R I N G M E M O R A N D U M1 0

Sale Comps

PROPERTY ADDRESS SALE DATE SALE PRICE BLDG SF $PSF (BLDG) LAND SF $/PSF (LAND)

1 1905-1927 5th Ave (Subject) TBD $4,200,000 18,142 SF $232 19,267 $218

2 2250 4th Ave 11/1/17 $7,300,000 27,537 SF $265 10,045 $727

3 1770 4th Ave 12/10/18 $4,400,000 18,242 SF $241 12,500 $352

4 1747 Hancock St 11/30/18 $4,250,000 16,680 SF $255 9,596 $443

5 1940 5th Ave For Sale $3,950,000 11,108 SF $356 10,000 $395

6 590 E Fir St 11/30/17 $2,800,000 20,880 SF $134 9,932 $282

2

3

65

4


AFFILIATED BUSINESS DISCLOSURE CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENTYour receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMERThis Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

Copyright Notice © 2019 CBRE, Inc. All Rights Reserved.


© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

MARC FREDERICKVice President

Lic. 01429705

+1 619 787 7120

[email protected]

19051927

5 T H A V E N U E

S A N D I E G O, CA 9 2 1 01

O F F E R I N G M E M O R A N D U M

RYAN GRANTFirst Vice President

Lic. 01813531

+1 619 696 8354

[email protected]

MATT CARLSONSenior Vice President

Lic. 01459868

+1 858 546 2636

[email protected]

JEFF OESTERBLADVice President

Lic. 01516014

+1 858 546 2637

[email protected]

new san diego, ca 92101 investment opportunity · 2019. 2. 11. · bankers hill is a long...

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