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10/09/24
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Raintree Partners agreed to a 99-year ground lease for a 1.06-acre commercial site in San Diego’s Bankers Hill neighborhood. The property, located at 411 Ivy St, includes an adjacent parking lot
The four-parcel property assemblage currently consists of an existing 14.9k sf office structure that served as the former headquarters of a financial services company along with the neighboring parking lot. The vacant office building will be demolished to pave way for the new residential project.
Specific details of Raintree’s plans for its new coastal multifamily redevelopment were not disclosed but the site is located in the sought-after established Bankers Hill area, is walkable or a short distance to numerous employers, amenities and attractions, and also offers views of Downtown San Diego, Point Loma, and the San Diego Bay.
The lessor at the time of lease execution was 4th & Ivy Creative House North LLC and 4th and Ivy Creative House South LLC. Cushman & Wakefield’s Kevin Nolen, Tim Winslow and Jason Kimmel represented the lessor in the transaction.
Note, since the execution of this ground-lease transaction, 4th & Ivy Creative House North LLC and 4th and Ivy Creative House South,LLC, has since sold the 411 Ivy St site to a new ownership.
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