One building, 32,225 sq. ft.
Type: Mixed use, High-end retail
Year built: 2002
Address: 668 6th Avenue, San Diego, CA
Summary: The Borders Building is located in San Diego’s Gaslamp District, one of San Diego’s ultimate tourist and urban destinations. The Gaslamp District is known nationwide for its top-tier restaurants and retail outlets, and the Borders Building is no exception. Notable occupants include Brazilian Steakhouse Fogo de Chao and Kaplan International School. The Borders Building is located near excellent public parking and enjoys tremendous prominence on the corner of 6th and G.
Completely vacant purchase. Major interior and exterior improvements. Aggressive lease up.
Deal Points: The Borders Building was purchased vacant for $8,000,000 all cash. During a roughly $2,000,000 investment that included a new lobby; the addition of a new elevator and stairway; additional exterior windows; power, mechanical and plumbing upgrades; structural improvements and a new balcony; tenant improvements and broker fees; the property became fully leased. The property was refinanced with a 15 year fully amortized loan due to Investors’ desire to hold long term. The Property is one of the few buildings in San Diego’s Gaslamp District that is not considered historic, which means future development and additional uses of the Property are possible.