tr office building · 2017-07-21 · tourist attractions include expansive balboa park, the san...
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TR OFFICE BUILDINGEAST VILLAGE, SAN DIEGO
Class A Office Condominium For Sale
EXCLUSIVELY LISTED
BY:
Dan McCarthySENIOR DIRECTOR
LIC. #00928868
Kyle ClarkSENIOR DIRECTOR
LIC. #00867784
Grant [email protected]
LIC. #001984787
The Heritage Group, Inc.
610 W. Ash Street
Suite 1503
San Diego, CA 92101
** The information set forth herein has been received by us from sources we believe to be reliable, but we have made no independent investigation of the accuracy or completeness of the information and make no representation with respect thereto. The above is submitted subject to errors, prior sale or lease, change in status or withdrawal without notice.
Property Offering:
Class A, fully improved office condominium,
corner office on top floor of 47,040 square
foot building
Address:
406 9th Avenue, Suite 308,
(option to additionally purchase Suite 309)
San Diego, CA 92101
Total Square Feet: 1,274
Occupancy: 0% - Best suited for Owner/User
Land Area: 0.46 AC
Assessor's Parcel Number: 535-114-08-22
Year Built: 2006
Parking: 1 / 1000 SF
PURCHASE PRICE: $587,000 ($460.75/SF)
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TR Office Building406 9th Ave, Suite 308
San Diego, CA 92101
INVESTMENT
HIGHLIGHTS
• Rare opportunity to acquire Class A office condominium
• Exceptionally located at 8th
Avenue and J Street, adjacent to Petco Park in the heart of the East Village
• Walking distance to numerous restaurants / food uses, retailers and transit
• Floor to ceiling corner glass windows offering panoramic views of San Diego
• Upgraded suite improvements with creative office design
• Buyer can also purchase Suite 309 in tandem with Suite 308
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TR Office Building406 9th Ave, Suite 308
San Diego, CA 92101
308309
PROPERTY OVERVIEWThe Heritage Group is pleased to offer for
sale 406 9th Avenue, Suite 308 (the
"Property"), an office condominium located
in the city of San Diego, California. The
property is vacant and best suited for an
owner/user.
406 9th Avenue, Suite 308 is an office
condo located on the top floor of an
approximately 17,000 square foot building.
The property is professionally managed,
and boasts recent upgrades to the interior
transforming it into highly-desirable
creative office space. Constructed in 2006,
the Property has distinct contemporary
urban architecture and floor to ceiling glass
windows.
The location of the Property at the corner of
8th and J Streets in the East Village puts
the condominium in the midst of busy
restaurants and rapid multifamily
redevelopment. The Property also sees an
abundance of sports-goers, as the
entrance to Petco Park is across the street.
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TR Office Building406 9th Ave, Suite 308
San Diego, CA 92101
San Diego
Convention
Center
Petco
Park
San Diego
Marina
Historic
Gaslamp
District
406 9th St,
Suite 308
J Street.
Market Street
8th
Str
ee
t
5
POPULATION
HOUSEHOLD INCOME
43,525 186,593
$54,909 $59,292
8th Avenue & J Street ± 4,216 Cars/Day
Market Street and 9th Ave ± 17,229 Cars/Day
DEMOGRAPHICS
TR Office Building406 9th Ave, Suite 308
San Diego, CA 92101
406 9th St,
Suite 308
Horton Plaza
By Westfield
Petco Park
USS Midway
Balboa Park &
The San Diego
Zoo
Business
District
Seaport Village
Redevelopment
Convention
Center
Little
Italy
San Diego
International
Airport
Historic
Gaslamp
District
SITE PLAN
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TR Office Building406 9th Ave, Suite 308
San Diego, CA 92101
Suite 3081,274 SF
8th
Ave
9th
Ave
Open
Office
Private
Office
1
Private
Office
2
Private
Office
3
Entry
Print /
Storage
RR
Open
Conference
J Street
Wra
p a
rou
nd
win
do
w lin
e
Suite 3091,376 SF
WHY RENT WHEN YOU CAN OWN?
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TR Office Building406 9th Ave, Suite 308
San Diego, CA 92101
Downtown San Diego, California
Downtown San Diego boasts the historic
Gaslamp Quarter, Petco Park, and an
assortment of nightlife attractions. Commuting
from Downtown only takes 20 minutes (with
traffic) to reach UTC/La Jolla (San Diego’s prime
office node). Fashion Valley, the county’s elite
shopping area, is only ten minutes away, and
Coronado Beach (rated one of the top beaches
in the nation) is only 15 minutes across the bay.
Downtown San Diego is the administrative
center of the metro and the region's
transportation hub. The tenant landscape is
filled with law firms, government agencies and
financial firms. Most of the metro's tech and
scientific firms prefer suburban campuses in
the I-5 and I-15 Corridors to downtown towers,
but Downtown is beginning to appeal more
broadly to new tech firms. Several years of
steady, healthy rent growth have pushed rents
toward the top 10 in the metro. Downtown
remains one of the most liquid submarkets in
the metro and trades of trophy assets are not
uncommon.
San Diego Metropolitan Area
San Diego is a major city in Southern California,
and home to over 1.3 million residents. It is
located approximately 120 miles south of Los
Angeles and immediately adjacent to the border
with Mexico. It is the second largest city in
California and the eighth largest in the United
States. It is known for its mild year-round climate,
natural deep-water harbor, and extensive
beaches.
San Diego's main economic engines are military
and defense related activities, tourism,
international trade and manufacturing, and
technology. This is influenced by its deep-water
port, which includes the only major submarine
and shipbuilding yards on the West Coast. Major
tourist attractions include expansive Balboa Park,
the San Diego Zoo & Wild Animal Park, Sea World,
Scripps Aquarium and Legoland. Major technology
companies headquartered in San Diego include
Qualcomm, Nokia, LG Electronics and ESET. The
city is also home to many public and private
universities, most notably University of California,
San Diego, which has helped make the area a
center for research in biotechnology.
San Diego OfficeDowntown Submarket
Downtown is shifting from a submarket
dominated by law firms and government offices
to one enticing to tech start-ups and
millennials. With high-rise residential
construction booming, and a live/work/play
environment at the top of the list for
millennials, it seems the only thing missing
from the equation is suitable employment
options. This is showing signs of progress. In
fact, the submarket posted the strongest
absorption in the metro in 2016.
In the Downtown submarket, overall availability
was 15.9%, with vacancy of 11% in the second
quarter of 2017. This is largely due to the
Sempra Energy relocation, which sent
submarket vacancies up over two percentage
points when its old space came to market
(350,000 square feet). After nearly two years
on the market, the city signed a 20-year lease
for the entire property. The deal should help
stabilize the submarket. The average asking
lease rate was $2.58 (gross estimate).
AREA HIGHLIGHTS MARKET OVERVIEWMETRO OVERVIEW
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TR Office Building406 9th Ave, Suite 308
San Diego, CA 92101
Kyle Clark
SENIOR DIRECTOR
619.577.4558
LIC. #00867784
Dan McCarthy
SENIOR DIRECTOR
619.577.4557
LIC. #00928868
TR Office Building406 9th Ave, Suite 308
San Diego, CA 92101