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1/13/16
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Portico Retail, a 6.9k sf retail condominium situated at the gateway to San Diego’s Little Italy District, sold for $5.15 mil ($746/sf). The property is located at 1415-1445 India St, on the northwest corner of India and W. Ash Streets. The retail space is on the street level of Portico Condos, a five story, 84-unit multifamily property built in 2005.
Three tenants occupy the property:
• Chase Bank: Branch of national provider of banking and financial services with more than 5,100 branches and 16,100 ATM’s nationwide.
• Enoteca Style Wine Bar: A modern, romantic restaurant, Entoteca Style combines California fusion cuisine with the ageless tradition of good wine, good food, and good conversation – opened in 2005.
• Fabrison’s Café: A French Creperie Café opened in 2009 by husband and wife entrepreneurs Fabrice and Allison.
Bill Shrader, David Maxwell, and Joe Brady of Colliers International’s Urban Property Group represented the seller, India One Investments LLC, and the buyer, Penhum LP.
“Portico Retail is a NNN-leased investment opportunity with significant upside potential. The new ownership was drawn to this property because of the credit anchor tenant, established restaurant tenants and prime location on India Street” said Shrader, Senior Vice President and leader of the Urban Property Group at Colliers International.
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