Search
 

Retail Space Nets Nearly $7M

SAN DIEGO-Investcal Renaissance LLC snaps up the 12,400-sf space, which is located on the ground floor of the Renaissance condominium project. The retail component is currently 100% occupied.

By Erin Cassin | Updated on September 02, 2004

SAN DIEGO-With Downtown still topping investors’ lists, a retail space in the Marina District here has recently traded hands for $6.8 million. Investcal Renaissance LLC has picked up the asset, which encompasses a total of 12,400 sf. The retail component is located on the ground floor of the Renaissance condominium project. It is currently 100% leased to tenants including Wells Fargo Bank, Postal Annex Plus, Ibiza Tan, It’s a Grind, Prestige Glass, Urban Real Estate and Hangers Cleaners. Wells Fargo Bank, Postal Annex Plus and Ibiza Plan all signed on for retail space here in the first quarter of 2003. Wells Fargo Bank inked an 11-year, $1.2-million lease for 2,957 sf in the project; Dozia Holding Co., dba Ibiza Tan, took 1,350 sf in a five-year, $273,993 agreement; and Postal Annex Plus executed a five-year, $224,256 lease for 1,147 sf.Greg Wagner of Capital Growth Properties Inc. acted on behalf of Investcal Renaissance LLC. The seller, L & L Center LLC, was represented by Bill Shrader of Burnham Real Estate Oncor International. Shrader’s Burnham colleague Jamie Dick arranged the $3-million purchase loan for the buyer, who plans to hold the asset as an investment. Column Financial provided the loan, while Chicago Title Co. furnished the escrow and title services.The Renaissance complex stands at 645 Front St., on the block bounded by Front, G, First and Market. It is comprised of 22-story, twin towers that house 221 luxury units; 12,635 sf of commercial space; and a 194,475-sf, 435-space parking garage. Designed by Carrier Johnson, the asset includes a range of amenities including garden patios, a swimming pool, spa and fitness center. The $75-million project was completed last year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.