Real Estate: 20,000 SF new creative office space in San Diego’s up and coming Barrio Logan district.
Total Project Costs: $5.4M
Targeted 10 Year IRR: 19%
Sponsor: Qualified local sponsor with successful creative office development track record.
Brief Summary:
The development plans for 20,300 SF of creative office space in Barrio Logan, a historic, vibrant and growing community just south of Downtown San Diego. The neighborhood has followed the city’s revival, while keeping its rich community heritage. Long a hub for arts and culture, the space will supply the nearby under-served nearby communities including Barrio Logan, Downtown’s East Village, South Park, Golden Hill & Logan Heights.
The subject property consists of two adjacent, attached industrial buildings from 1924 and to-date owned and operated by a family run machine repair shop. Located 7 minutes from Downtown in the heart of Barrio Logan and Chicano Park, it sits in one of the fastest growing neighborhoods in the County.
The neighborhood boasts a number of excellent coffee shops, galleries, gyms, breweries & modern residential units, all just blocks from the trolley station. The property has an existing kitchen area to be turned into a café, serving food and coffee from local roasters and bakeries located within blocks of the building.
Project Timeline
Start of Construction: Summer of 2019
Completion Date: March 2020
Stabilization: May 2023