Tue, 19/09/2017 - 09:17
Global real estate investment and services firm, Kennedy Wilson, has negotiated a two-part sale of the ground lease and underlying fee interest in land located at 1420 Kettner Blvd in the Little Italy submarket of San Diego, California.
The seven-story building is comprised of approximately 123,000 square feet of commercial office space and sits on a 2.6-acre parcel of land.
Fred Cordova, executive vice president of brokerage at Kennedy Wilson, represented the seller of the leasehold interest in the property and the buyer of the fee interest in the land. The buyer, Ocean West Capital Partners, partnered with DivcoWest, to purchase the property. Additional terms of the leasehold interest sale were not disclosed; the buyer is currently under contract to purchase the land.
“Many components come into play when a property changes hands for the first time in 63 years,” says Cordova. “Layered transactions with multiple constituents are rare in modern real estate and require a sophisticated, thoughtful approach. Kennedy Wilson packaged both the building and land, and delivered it to a qualified buyer in an off-market transaction, a complex strategy that was many months in the making.”
Originally purchased in the 1950s by a private financial institution, the property has never changed hands. However, its surrounding neighbourhood of Little Italy has changed significantly over the past few years, making it a coveted location.
“The sellers wanted to downsize and relocate their operations to a smaller, more efficient space,” says Cordova. “The buyer saw this property as a great creative office re-positioning opportunity in the growing San Diego sub-market of Little Italy, and we were able to accomplish this.”
The buyer is planning a multi-million dollar renovation of the property to modernise the building in the highly sought after Little Italy submarket. The property is situated just a few blocks from North San Diego Bay and near the local metro station. In addition to incredible ocean views, the property has several outdoor balconies and a seven-story central atrium.
“Little Italy is one of the most dynamic areas of Downtown San Diego and is home to excellent restaurants, cafés and new residential developments,” says Ryan Tucker, director at Ocean West Capital Partners. “We look forward to transforming 1420 Kettner into a progressive office campus with a wealth of amenities and outdoor space for tenants seeking an active and unique work environment.”
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