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1011 Union Street

Updated Oct 29, 2024

Holland Partner Group Leases 87,000 SF Mixed-Use Space To San Diego Association Of Governments (SANDAG) In San Diego
LEASEDMixed-use

Holland Partner Group Leases 87,000 SF Mixed-Use Space To San Diego Association Of Governments (SANDAG) In San Diego

1011 Union Street

$5

$5/SF

Building Size

87,000 SF

Asset Type

Mixed-use

Closing

Aug 11, 2023

About this deal

AI

The mixed-use property located at 1011 Union Street in San Diego has recently been leased. The property consists of office space, and the lease agreement spans a term of 15 years. The tenant, San Diego Association Of Governments (SANDAG), has preleased 87,000 square feet at West (1011 Union St.), which accounts for approximately 30% of the office space while still under development.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: Not provided
  • Address: 1011 Union Street, San Diego
  • Market: San Diego
  • Landlord: Holland Partner Group - Brent Schertzer & Todd Majcher; Lowe - Mike McNerney, Juan Arriaga & Mara Fabian
  • Tenant: San Diego Association Of Governments (SANDAG)
  • Landlord's Rep: Richard Gonor & Tony Russell - JLL
  • Tenant's Rep: Brian Gruber, Nick Norris & Jon Hamby - Range Partners (not pictured)
  • Asking Rent: $5.25 per square foot

The deal was facilitated by the landlord's representatives, Richard Gonor and Tony Russell of JLL, and the tenant's representatives, Brian Gruber, Nick Norris, and Jon Hamby of Range Partners. The leasing agreement marks a significant milestone for SANDAG as they secure a substantial portion of the office space at the West property during its development phase.

Players

Richard Gonor

JLL

Broker

2 deals

Broker

San Diego Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Lease transactions

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Deal FAQ

About $5 per square foot on a published $5 for 87,000 square feet (2023).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

3172600.00%

Cash-on-Cash

-906738.82%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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