SeaCoast Square 2 Retail Properties Offered at $31,000,000 in San Diego, CA
INVESTMENT HIGHLIGHTS
- Asking $31,000,000 4.51% CAP Rate with Major Upside Potential
- Owner-User, Investor or Development Opportunity
- Next to PB Farmer's Market, Crystal Pier and Pacific Ocean
- First Time on the Market in Decades, Rare Coastal Trophy Asset in Southern California
- Signalized Corner of Garnet Avenue and Mission Boulevard
- 38,103 SF Building ($814) and 62,500 SF of Land ($496) (Potential of 112,500 SF of Land!!!)
EXECUTIVE SUMMARY
The Franco Realty Group is proud to exclusively present the fee simple coastal trophy asset known as The Seacoast Center in Pacific Beach.
This coastal property is made up of various restaurants and office space, with a total building size of 38,103 square feet. Downstairs you will find three restaurants, a clothing store and the 7,100 vacant retail space that was previously occupied by Sketchers. All of the ground floor leases are on triple net lease agreements.
Upstairs is filled with about 45 executive offices, an onsite manager, a printing room and a large conference room. The executive suites all have less than one year left on the term of their lease. Some of the offices have interior views of the ground floor anchor retail space and some of the offices have views of Garnet Avenue and the ocean.
The total land size of the 6 parcels totals 62,500 square feet, or 1.43 acres of land. Due to the land’s proximity to the ocean and Crystal Pier, the parking generates a tremendous amount of income across 121 parking spaces.
This is an excellent opportunity for an Owner-User to relocate their headquarters at this amazing location with tremendous signage amongst strong foot and vehicle traffic. A company can occupy over 18,000 square feet of space or more than 51% of the building size, which qualifies for SBA Financing.
An investor can reposition the Seacoast Center by leasing out the vacant spaces, improving the parking lot and gradually raising rents over time.
A developer can collect a decent return on investment while entitling the property into a mixed-use development. The property is zoned CC-4-2 which allows for most mixed-use projects and CV-1-2 which allows for beautiful hotel development. The offices could likely be converted into residential units, which has become a rising trend throughout San Diego. A developer can take
advantage of the transit corridor and the proposed complete communities project of San Diego.
The owner-user, investor or developer who purchases this coastal trophy asset, will have the opportunity to greatly influence the vibrant community of Pacific Beach by repositioning one of the most popular corners in all of Southern California.
This coastal property is made up of various restaurants and office space, with a total building size of 38,103 square feet. Downstairs you will find three restaurants, a clothing store and the 7,100 vacant retail space that was previously occupied by Sketchers. All of the ground floor leases are on triple net lease agreements.
Upstairs is filled with about 45 executive offices, an onsite manager, a printing room and a large conference room. The executive suites all have less than one year left on the term of their lease. Some of the offices have interior views of the ground floor anchor retail space and some of the offices have views of Garnet Avenue and the ocean.
The total land size of the 6 parcels totals 62,500 square feet, or 1.43 acres of land. Due to the land’s proximity to the ocean and Crystal Pier, the parking generates a tremendous amount of income across 121 parking spaces.
This is an excellent opportunity for an Owner-User to relocate their headquarters at this amazing location with tremendous signage amongst strong foot and vehicle traffic. A company can occupy over 18,000 square feet of space or more than 51% of the building size, which qualifies for SBA Financing.
An investor can reposition the Seacoast Center by leasing out the vacant spaces, improving the parking lot and gradually raising rents over time.
A developer can collect a decent return on investment while entitling the property into a mixed-use development. The property is zoned CC-4-2 which allows for most mixed-use projects and CV-1-2 which allows for beautiful hotel development. The offices could likely be converted into residential units, which has become a rising trend throughout San Diego. A developer can take
advantage of the transit corridor and the proposed complete communities project of San Diego.
The owner-user, investor or developer who purchases this coastal trophy asset, will have the opportunity to greatly influence the vibrant community of Pacific Beach by repositioning one of the most popular corners in all of Southern California.
PROPERTY FACTS
| Price | $31,000,000 |
| Price / SF | $813.58 / SF |
| Sale Condition | Redevelopment Project |
| Cap Rate | 4.51% |
| Sale Type | Investment or Owner User |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 38,103 SF |
| Total Land Area | 1.39 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
Bldg 1
4475 Mission Blvd, San Diego, CA 92109 |
Retail | 31,000 SF | 1960 | - |
|
Bldg 2
825 Garnet Ave, San Diego, CA 92109 |
Retail | 7,103 SF | 1981 | - |
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