SAN DIEGO, CA June 4, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Waterfall Block (top left photo), an eight-property portfolio of distressed assets encompassing 58,288 square feet in downtown San Diego. The sales price of $13,032,000 equates to $117 per square foot.
Ben Tashakorian (middle right photo), a vice president investments in Marcus & Millichap’s San Diego office, represented the seller in short sale negotiations with three lenders. Tashakorian also represented the buyer, who was in a joint venture with Starwood Capital Group.
“The previous owner had planned to redevelop the site and acquired the properties over the course of three years,” says Tashakorian. “The final piece was purchased in 2009 for approximately $33 million.”
“The economic downturn significantly decreased the properties’ overall value and extenuating circumstances created a situation in which it was beneficial for all parties involved to minimize further losses,” adds Tashakorian.
“After multiple offers and much negotiation, we closed the transaction to the mutual satisfaction of all parties.”
The Waterfall Block is bordered by Seventh Avenue, Eight Avenue, Broadway and C Street in San Diego.
The portfolio includes retail, office, mixed-use and residential hotel space. The individual properties are:
- · 702 Broadway, retail and office plus parking, 23,488 square feet
- 726-728 Broadway, mixed-use: office and retail, 7,500 square feet
- · 740 Broadway, 2 retail spaces, 42 SRO residential units, 6,070 SF
- · 701 C St., mixed-use: restaurant and office, 19,500 square feet
- · 1041 Seventh Ave., industrial, 10,000 square feet
- · Eighth Avenue, 42 surface parking spaces, 10,000 square feet
- · 1018 Eighth Ave., office , 3,870 square feet
- · 1060 Eighth Ave., office , 33,414 square feet
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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