Updated Oct 29, 2024
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
San Diego Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Lease transactions
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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