Capital Markets | Investment Properties
BULK-SALE CONDOMINIUM OPPORTUNITY 151 OF 301 CONDOMINIUM UNITS DOWNTOWN SAN DIEGO
THE OPPORTUNITY represents the opportunity to purchase a bulk-sale project of 151 residential units located in the highly desirable area of downtown San Diego. Built in 2007, the condominium tower consists of 301 units in total. This unit count represents a majority share ownership of the condominiums. The Property is offered at a significant discount to replacement cost, allowing an investor to either sell individual units today or operate the Property as a rental complex, with an exit strategy to sell off individual condominiums at a later date. There is limited inventory of new high-rise condominium product available for sale downtown at present, with no projects currently under construction. Resale activity is strong with the current inventory estimated at 6 months. Smart Corner’s efficient unit sizes will provide attractive, affordable entry-level for-sale housing in the coming years, as existing inventory is absorbed by the market, before new construction is built and delivered. As well, Smart Corner’s units will generate interim cash flow for the Bulk Buyer through its successful leasing program.
LUXURY INTERIOR APPOINTMENTS
features dynamic two-bedroom, one-bedroom and studio loft-style floor plans. Many condominium homes have large balconies and nearly all offer sweeping views of the downtown skyline and bay to the west and Balboa Park to the north. Each condominium home features floor to ceiling windows, sleek modern cabinetry, designer fixtures, and full-size washers/dryers. Gourmet kitchens include granite countertops, tile floors, with black or stainless appliance packages including refrigerators.
SUPERIOR AMENITY PACKAGE
features include: •
A state-of-the-art amenity package featuring a 20th floor rooftop terrace ideal for entertaining and equipped with a large spa and barbecue area
•
A fully-equipped fitness center
•
Gated subterranean parking garage dedicated for resident parking
•
An onsite San Diego Trolley Stop
is located in downtown San Diego’s East Village
THE LOCATION
neighborhood. This area is home to Petco Park, host to MLB’s San Diego Padres and several other sporting events and concerts, numerous restaurants/bars and shops. Other downtown attractions include Balboa Park, the San Diego Zoo, the Gaslamp Quarter, Horton Plaza, Little Italy, the Embarcadero and Seaport Village, all within walking distance to the property. Smart Corner is centrally located with multiple transit features, including the Trolley Line, Bus Line and easy freeway access to Interstate 5 and Highway 163. This places residents right in the heart of downtown’s employment within minutes. There are more than 5,000 businesses, 85,000 employees and 9.5 million square feet of office space in the downtown submarket. Major employers include Solar Turbines and Sempra Energy, as well as various governmental agencies, numerous hotels, the convention center and the bulk of San Diego’s law firms. Additionally, San Diego City College is just a few blocks from Smart Corner.
is centrally located with multiple transit features, including the Trolley Line, Bus Line and easy freeway access to Interstate 5 and Highway 163. This places residents right in the heart of downtown’s employment within minutes. There are more than 5,000 businesses, 85,000 employees and 9.5 million square feet of office space in the downtown submarket. Major employers include Solar Turbines and Sempra Energy, as well as various governmental agencies, numerous hotels, the convention center and the bulk of San Diego’s law firms. Additionally, San Diego City College is just a few blocks from Smart Corner.
entire city park encompassed by Park, 11th, C and Broadway in downtown San Diego’s East Village District. The transit-oriented development includes a 19-story 301-unit residential tower, a separate 5-story, ±110,000 square foot office building as well as ±19,000 square feet of ground level retail. A mass transit stop provides both trolley and bus access to those who live or work there. The San Diego Housing Commission occupies the majority of the office building and retail tenants include 7/11 and Subway. The office and residential towers are separated by the C Street trolley line which curves down Park Boulevard through the center of the block at a 45 degree angle. Dedicated parking (one space per bedroom) is available for the residential units.
MIXED USE TRANSIT ORIENTED DEVELOPMENT
is an urban mixed-use project situated on an
Capital Markets | Investment Properties
EXCLUSIVE MARKETING ADVISORS J. KEVIN MULHERN Senior Vice President Lic. 00804871 858.646.4723 kevin.mulhern@cbre.com DIXIE HALL First Vice President Lic. 00701347 858.546.4663 dixie.hall@cbre.com
BULK-SALE CONDOMINIUM OPPORTUNITY 151 OF 301 CONDOMINIUM UNITS DOWNTOWN SAN DIEGO www.cbre.com/smartcorner
RACHEL HEMINGWAY Associate Lic. 01335449 858.646.4787 rachel.hemingway@cbre.com GRANT JENSEN Client Services Specialist Lic. 01845251 858.646.4724 grant.jensen@cbre.com CB RICHARD ELLIS, INC. Broker Lic. 00409987 4365 Executive Drive, Suite 1600 San Diego, CA 92121 T 858.546.4600 F 858.646.4712 www.cbre.com/sandiego
OFFERING PROCESS AND PROPERTY TOURS Prospective investors who wish to obtain additional information regarding the Smart Corner investment opportunity are invited to complete the electronic Confidentiality Agreement on the property website: www.cbre.com/smartcorner. Propective investors are encouraged to contact the Marketing Team to schedule a tour of this exceptional community. Property tours will be conducted beginning Monday, April 25th. The Offering Memorandum contains all property and financial information necessary to make your initial offer. The Offering Memorandum as well as property financial statements will be available through the Due Diligence document center, which can be accessed via the property website. The property is offered on an as-is, where-is basis.
http://www.cbre.com/smartcorner Š 2011 CB Richard Ellis, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.