Class A Office Condominium For Sale TR OFFICE BUILDING EAST VILLAGE, SAN DIEGO

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1 Class A Office Condominium For Sale TR OFFICE BUILDING EAST VILLAGE, SAN DIEGO 1

2 Property Offering: Address: Class A, fully improved office condominium, corner office on top floor of 47,040 square foot building th Avenue, Suite 308, (option to additionally purchase Suite 309) Total Square Feet: 1,274 Occupancy: Land Area: 0% - Best suited for Owner/User 0.46 AC Assessor's Parcel Number: Year Built: 2006 Parking: PURCHASE PRICE: $587,000 ($460.75/SF) 1 / 1000 SF EXCLUSIVELY LISTED BY: Dan McCarthy SENIOR DIRECTOR dmccarthy@theheritagegroup.com LIC. # Kyle Clark SENIOR DIRECTOR kclark@theheritagegroup.com LIC. # Grant Thiem ASSOCIATE gthiem@theheritagegroup.com LIC. # The Heritage Group, Inc. 610 W. Ash Street Suite 1503 ** 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. 2

3 INVESTMENT HIGHLIGHTS Rare opportunity to acquire Class A office condominium Exceptionally located at 8 th 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

4 8 th Street TR Office Building PROPERTY OVERVIEW The Heritage Group is pleased to offer for sale th 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. Market Street th St, Suite th 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. Historic Gaslamp District J Street. Petco Park 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. San Diego Marina 4

5 DEMOGRAPHICS San Diego International Airport Balboa Park & The San Diego Zoo Little Italy Business District USS Midway Horton Plaza By Westfield Seaport Village Redevelopment Historic Gaslamp District Convention Center Petco Park th St, Suite th Avenue & J Street ± 4,216 Cars/Day Market Street and 9 th Ave ± 17,229 Cars/Day POPULATION HOUSEHOLD INCOME 43, ,593 $54,909 $59,292 5

6 8 th Ave 9 th Ave Wrap around window line TR Office Building SITE PLAN Open Conference Private Office 2 Private Office 3 Private Office 1 Open Office Print / Storage Entry RR Suite 308 1,274 SF Suite 309 1,376 SF J Street 6

7 WHY RENT WHEN YOU CAN OWN? 7

8 METRO OVERVIEW AREA HIGHLIGHTS MARKET OVERVIEW 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 Office Downtown 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 In the Downtown submarket, overall availability was 15.9%, with vacancy of 11% in the second quarter of 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). 8

9 Dan McCarthy SENIOR DIRECTOR LIC. # Kyle Clark SENIOR DIRECTOR LIC. #