Description:
Capital Commercial Partners is pleased to bring to market 345 B Street located in the CBD of Downtown San Diego, CA.
The investment offering consists of 3 city lots or 15,000 SF of land along with a 21,000 SF building. The property forms the prime corner of and controls entirely ¼ of one of only three privately owned city blocks that can be developed by improvements totaling 20 times the site area (FAR). This allows for a 300,000 SF office tower to be developed on the site.
To further insulate the investment from risk, the seller has gained city approval to convert the property to a parking lot should the tenant ever leave. The adjoining parking lot is leased to Ace Parking and just sold for more than $400 PSF. The seller has also negotiated a lease with Sunset Parking at a level 30% greater than existing rent – just waiting to be executed.
The property has been occupied by the Speth Brothers since 1985. They are San Diego’s oldest music/event promotion company. 4th & B is a 21,000 SF live music venue offering talent from around the globe. They have a unique license to serve liquor without the standard clause requiring liquor sales not to exceed those from serving food. This gives them a competitive advantage over competing bars/venues and is the only such type of license known to the Downtown area.
The current lease is well below market at $1.36 PSF NNN with current term expiration of December 31, 2013 with 4-5 year options to renew.
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