One building, 44,192 sq. ft.
Stories: Three Floors Over Two Subterranean Parking
Type: Mixed use, office, medical and retail
Year built: 1989
Address: 3900 5th Avenue, San Diego, CA
Summary: The Union Bank Building sits at the literal heart of a thriving Hillcrest community. Is is located on the corner of 5th Avenue and University Avenue. Tenants enjoy unique office spaces, a pleasant open atrium building design and all the excitement of Hillcrest’s shops and restaurants a minute’s walk away. Notable occupants include Union Bank, Mercy Physicians Medical Group and UCSD. The building provides ample subterranean parking for clients and tenants.
Semi-vacant purchase. Aggressive lease up. Minor interior and exterior modifications.
Deal Points: The Union Bank Building was originally purchased 100% cash while roughly 50% occupied. Through an aggressive leasing strategy and capital improvements which included demolition and upgrades to interior finishes, bathrooms, lobby and landscaping, the building became stabilized within a year of the transaction. Investment has been returned multiple times through cash flow and financings. The Property was owned free and clear of debt until being refinanced in January 2016. Current zoning allows for many uses, including residential. The property’s location, rental history and design make the asset a long term hold.