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2/20/20
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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 |
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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%.
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