Conrad Prebys Foundation Leases 19,000 SF Office Space In San Diego
1420 Kettner Boulevard
Building Size
19,000 SF
Asset Type
Office
Closing
Jun 27, 2024
AI
The Conrad Prebys Foundation, a San Diego nonprofit with assets of $1.2 billion, leased a full 19,000-square-foot floor at 1420 Kettner Boulevard in San Diego's office market. The property was recently renovated by DivcoWest and Ocean West Capital Partners LLC, and it has attracted multiple tenants since its acquisition in 2017.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 1420 Kettner Boulevard
- Market: San Diego
- Landlord: DivcoWest; Ocean West Capital Partners LLC
- Tenant: The Conrad Prebys Foundation
- Brokers: Derek Hulse & Morgan Reno - Cushman & Wakefield
The Conrad Prebys Foundation's lease agreement for the 19,000-square-foot space at Kettner & Ash in Little Italy was facilitated by brokers Derek Hulse and Morgan Reno from Cushman & Wakefield. Other notable tenants in the building include Spaces, Suffolk Construction, Paycom, Perkins & Will, and Birdrock Coffee Roasters.
Players
San Diego Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93