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2/04/16
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Union Cowork has agreed to a 10-year lease for the historic Unicorn Building in San Diego. The 12.4k sf, two-story building is located at 704 J St, west of I-5 and south of Market St in the city’s downtown area. The property was originally constructed in 1927 for the Western Wholesale Drug Company and most recently housed the Unicorn Antique Mall in the 1990’s.
Union Cowork, a community driven neighborhood cowork space for small businesses and entrepreneurs, is led by CEO Jamie Miller and will be expanding their co-work concept at the property. This will be their fifth location in Southern California, which includes their two existing spaces in the heart of North Park in addition to projects currently under construction in Encinitas and Glendale.
David Maxwell and Bill Shrader of Colliers International San Diego Region’s Urban Property Group represented Union Cowork and the landlord PREF Unicorn LLC, an affiliate of Paragon Real Estate Investments. Paragon specializes in acquiring and developing urban retail real estate projects in select urban and coastal markets across the US. The company was founded in 1998, and is managed by Roberto Jinich, Ricardo Jinich, and Dan Berkus.
Paragon purchased the Unicorn Building from Cisterra Development in August of 2015. Prior to the sale, the building was recently renovated alongside construction of the Sempra Energy Tower. Renovations included brand new interiors and infrastructure while maintaining the historic building façade.
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