The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
August 12, 2020
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
San Diego Union Completes Exchange Transactions Totaling $6.58 Mil

2/20/20

UNITE Here Local 30 recently completed two transactions making up a 1031 exchange in San Diego’s Bankers Hill and Sherman Heights neighborhoods. Local 30 is the hotel and hospitality workers’ union in San Diego, representing approximately 6,000 hotel, gaming and food service workers throughout the County. The transactions totaled $6.58 mil.

2436-2450 Market St, San Diego
2436-2450 Market St, San Diego
The organization sold a three-building property comprised of office, warehouse and retail space in Sherman Heights for $3.2 mil and subsequently purchased an office building in Bankers Hill for $3.38 mil. Marc Frederick of CBRE represented UNITE Here Local 30 in both deals.

The Sherman Heights property is located in an opportunity zone at 2436-2450 Market St, one mile east of Downtown San Diego. The 12.2k sf property will be vacated by Local 30 after a short-term lease-back. The buyer of the building, a private investor, was represented by Andy Ewald and Erin Shean of CBRE.

Located at 1940 5th Ave, the Bankers Hill office property sits one block west of Balboa Park and one mile north of Downtown San Diego. Originally built in 1976, the 11.1k sf property features six suites and 31 parking spaces. The seller, a private investor, was represented by an outside firm.

The sale and purchase will facilitate the relocation of Local 30’s headquarters, member service center and meeting hall. Local 30 will continue to occupy the property on Market Street for a short time while improvements are made at 5th Ave. The official relocation will take place in the summer of 2020.

“Local 30 simply outgrew the property on Market Street,” said Frederick. “While slightly smaller, 1940 5th Ave is a far more efficient building with better office and meeting hall space, and significantly more parking”.

The overall asking rate for office space in San Diego increased for the ninth consecutive quarter to $3.17, the highest level this cycle, according to CBRE’s fourth quarter office report. Total vacancy fell 30 basis points quarter over quarter to 10.3%.






Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media