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1/24/23
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There have been five leases totaling 10k sf at 5826 – 5854 Montezuma, a mixed-use development slated to open in the late summer of 2023 near the San Diego State University (SDSU) campus in San Diego. The deals put the building at full occupancy.
The development will house on the ground-level: Handel's Homemade Ice Cream, The Alley, Jimmy John's and Dunkin' Donuts, as well as the relocation of the original McDonald's restaurant. These tenants will open concurrently alongside 169-bed student housing on the floors above in the summer of 2023.
The property is on Montezuma Rd, just west of College Ave, and next to SDSU's South Campus Plaza project south of the campus boundary. The construction of the seven-story building started in the fall of 2021. AVRP Studios, Wolden Design and KTGY Architecture & Planning are the architects on record, and Cannon Constructors South serves as the project's general contractor.
CBRE's Reg Kobzi, Joel Wilson and Michael Peterson represented the landlord, Pierce Education Properties, on the leases.
According to CBRE Research, the San Diego retail market made great strides in last year’s fourth quarter. With increased leasing activity (340.3k sf) and a positive net absorption (122.9k sf), the market saw its lowest vacancies (4.9%) since 2019.
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