MULTIFAMILY DEVELOPMENT SITE 15th & MARKET STREET€¦ · Apartment Rent Survey 21 Land Sale Comps 23 ... the Gaslamp District, Seaport Village and the excellent neighborhood restaurants,

VICTOR KREBS Senior Vice PresidentLic No. 01114335 + 1 858 677 [email protected]

FOR SALEMULTIFAMILY DEVELOPMENT SITE15th & MARKET STREET

4350 La Jolla Village DriveSuite 500

San Diego, CA 92122+1 858 455 1515 Maincolliers.com/sandiego

15th St15th St

G St

G St

EAST VILLAGE GREEN PARK

SITE

4350 La Jolla Village DriveSuite 500San Diego, CA 92122+1 858 455 1515 Maincolliers.com/sandiego

VICTOR KREBS Senior Vice President CA License No 01114335 +1 858 677 5334 [email protected]

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage, condition, or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

T A B L E O F C O N T E N T S

Executive Summary 04

Property Details 06

Yield Study - Carrier Johnson 09

Apartment Rent Survey 21

Land Sale Comps 23

Due Diligence Material 25

Sale Process 26

San Diego Overview 27

3

Property Details

Market StMarket St

13th St13th St

14th St14th St

15th St15th St

EAST VILLAGE

GREEN PARK

SAN DIEGO ZOO BALBOA

PARK

SOUTHPARK

SAN DIEGOCITY COLLEGE

GOLDENHILL

G StG St

F StF St

E StE StTHE HUB

@ IDEA1

&15th Market

MAKERS

QUARTER

BLOCK D OFFICE

KILROY BLOCK

E X E C U T I V E S U M M A R Y

GREAT URBAN LOCATION: Colliers International is pleased to offer for sale a multifamily development site at 15th & Market St in Downtown San Diego. The 38,000 sf parcel property is across the street from the planned East Village Green, which will be the largest park in Downtown San Diego. The property is adjacent to the new office and retail in the Makers Quarter/IDEA District and is one block to Albertsons Grocery store. The area has a vibrant mix of restaurants, shops, and cafes that make this one of San Diego’s most desirable neighborhoods. 15th & Market St will offer views of the Downtown skyline, San Diego Bay and East Village Green park.

NEIGHBORHOOD AMENITIES: In addition to the dynamic restaurant, retail and Live-Work-Play environment in Downtown the site is one block to the Albertsons Grocery store, a major amenity for urban tenants. Entertainment and shopping options include the Gaslamp District, Seaport Village and the excellent neighborhood restaurants, cafes and microbreweries in East Village.

EMPLOYMENT:Downtown San Diego is a major employment center with expanding base of jobs in technology, office and service industries. Horton Plaza Mall is being repositioned into a major tech campus and Kilroy Realty plans to develop new office buildings three blocks north of 15th & Market, in addition to their Little Italy project. The vibrant new Block D office building is two blocks north as are several warehouse lofts buildings. Close by are other employment centers in Hillcrest, Mission Valley, Kearny Mesa, UTC and Sorrento Mesa. Hillcrest has major healthcare employers: Scripps Healthcare, UCSD Healthcare and Balboa Hospital. The 32nd Street Naval Station is 2.5 miles by Trolley and employs over 24,000 military and civilian personnel.

CONVENIENT TRANSIT:15th & Market has excellent transit options with a Trolley station three blocks West and several MTS bus lines within two blocks. Interstate 5 and Hwy 163 on-ramps are within 5 blocks providing great access to all major recreation, shopping areas and entertainment options in San Diego.

OFFERING:The Downtown neighborhood has shown tremendous growth and strong demand for apartments from tenants and investors. With an outstanding location, solid market fundamentals and vibrant neighborhood amenities, 15th & Market St is an excellent development opportunity.

OFFER DATE: TUESDAY, FEBRUARY 25, 2020

4 15TH & MARKET

5

S O U T H W E S T

15th

St15

th St

Market StMarket St

EAST VILLAGE GREEN PARK

BLOCK D OFFICE

IDEA 1

KILROY BLOCK

OFFICE

OFFICE

SITE

MARKET

15TH

ST

16TH

ST

1 5 t h & M A R K E T S T R E E T

P R O P E R T Y D E T A I L S

ASKING PRICE Market Pricing

OFFER DATE Tuesday, February 25, 2020

ADDRESS & APN 15th & Market St. San Diego, Ca 92101

APN: 535-162-07 / 535-173-01,02,04

TOTAL LAND AREA 38,000 SF

FAR Base 6.0 / Minimum 3.5 / Maximum 10.0

ZONING (RE) Residential Emphasis - 80% of GSF must be residential

PERMITTED USES • Residential

• Office

• Retail

ZONING OVERLAYS • Limited Vehicle Access - Market Street & G Street

• Commercial Street Overlay - Market Street

• Park Sun Access - Height Limit -- on 15th Street

CURRENT USE Retail and warehouse

LEASE N/A - Owner occupied

G ST

EA

ST

VIL

LA

GE

GR

EE

N


6 15TH & MARKET

7

16TH

ST

EA

ST

VIL

LA

GE

GR

EE

N

East Village Green Park will be located across the street from the 15th & Market site. The Park will have two separate dog parks, , interactive fountain, underground parking, a community center, a performance stage and a children’s garden.

E A S T V I L L A G E G R E E N P A R K

L I V E

8 15TH & MARKET

Market St

Market St

15th St15th St

W E S T

SITE

9

Y I E L D S T U D Y

15th & Market | 1/24/2020Project Summary

Carrier Johnson ArchitectsDuane [email protected]

RAMP UP

- - -

----

------ ---

- - -- - -- -

--

MECH.Bicycle

C

COptional Parking Level

15th & Market | 1/24/2020Floor Plan Level B2

15' 30' 60'

SCALE: 1" = 30'-0"

0

F L O O R P L A N L E V E L | B 2


10 15TH & MARKET

11

- - - - - -- - - - --------

---

----

- - -- - -- - -

--

MECH. MECH.

- -

Stor. (56)

Stor. (31)

Stor. (58)

Transformer

Elec.

C C

CC

C

C

RAMP DNRAMP UP

------ ---Motorcycle

15th & Market |

15' 30' 60'

SCALE: 1" = 30'-0"

0

1/24/2020Floor Plan Level B1

F L O O R P L A N L E V E L | B 1


+41

Loading

Trash

BFP

D

Trash

Retail

+35'+38'+39

Retail

RAMP DNRAMP UP

--

------ -------

----

Stor.

Mail

GasLeasing

Lobby

Clubhouse

'G' S

treet

Mar

ket S

treet

15th Street

1BD 1BD 1BD

Pool Court

+42

16th Street

1BD

1BD

1BD

1BD

15th & Market | 1/24/2020Floor Plan Level 1 (Ground Level)

15' 30' 60'

SCALE: 1" = 30'-0"

0

F L O O R P L A N L E V E L 1 | G R O U N D L E V E L


12 15TH & MARKET

13

F L O O R P L A N L E V E L 2

RAMP DNRAMP UP

- - - - - -- - - - -------

----

------ ---

- - -- - -- - -

--

MECH. MECH.

--

--

--

1BD

1BD

Open Fitness

Open

1BD

C

C

C

C

C C

C

C

1BD

1BD

1BD

1BD

Motorcycle

15th & Market | 1/24/2020Floor Plan Level 2

15' 30' 60'

SCALE: 1" = 30'-0"

0


RAMP DN

- - - - - -- - - - --------

---

----

------ ---

- - -- - -- - -

--

MECH. MECH.

--

--

1BD

1BD

1BD

1BD

2BD

C

C

C

C

C

C

C

C

ST

ST

ST ST

Motorcycle

1BD

1BD

ST

15th & Market | 1/24/2020Floor Plan Level 3

15' 30' 60'

SCALE: 1" = 30'-0"

0

F L O O R P L A N L E V E L 3


14 15TH & MARKET

15

F L O O R P L A N L E V E L S 4 - 8

1BD 1BD 1BD 1BD

1BD1BD1BD1BD1BD1BD

1BD

1BD

1BD

2BD2BD

ST

STSTSTSTST

STST

1BD

1BDST

ST

ST ST

1BD

1BD

ST

15th & Market | 1/24/2020Floor Plan Levels 4-8

15' 30' 60'

SCALE: 1" = 30'-0"

0


84'-1

1"74

'-1"

15'-0

"11

'-9"

10'-4

"

+39+35'

Roof

10'-4

"10'-

4"10

'-4"1

0'-4"

10'-0

"

+38.5 AGP

Level 8

Level 2

Level 3

Level 4

Level 5

Level 6

Level 7

Level 8

Roof

32'-9

"

Podium

Lobby

Fitness

Leasing Retail

Parking

Parking

Parking

Parking

Residential

Residential

Residential

Residential

Residential

Residential

PLPL

Optional Parking Level

15th & Market | 1/24/2020Building Section A

15' 30' 60'

SCALE: 1" = 30'-0"

0

Y I E L D S T U D Y | B U I L D I N G S E C T I O N A


16 15TH & MARKET

17

15th & Market | 1/24/2020Massing

Y I E L D S T U D Y | M A S S I N G


L I V E

18 15TH & MARKET

L I V E

19

W O R K

20 15TH & MARKET

P L A Y

21

A P A R T M E N T R E N T S U R V E YRental Comparables

Count % / Mix Rent Size (SF) $ / SF Count % / Mix Rent Size (SF) $ / SFStudio 0 0.0% n/a n/a n/a Studio 69 18.8% $2,266 590 $3.84

Total Units 1 Bdrm 205 77.7% $2,274 721 $3.15 Total Units 1 Bdrm 195 53.0% $2,837 864 $3.28Year Built 2 Bdrm 59 22.3% $2,919 1,073 $2.72 Year Built 2 Bdrm 104 28.3% $3,697 1,194 $3.10

Occupancy 3 Bdrm 0 0.0% n/a n/a n/a Occupancy 3 Bdrm 0 0.0% n/a n/a n/a

Count % / Mix Rent Size (SF) $ / SF Count % / Mix Rent Size (SF) $ / SFStudio 100 31.9% $2,081 538 $3.87 Studio 69 65.1% $2,056 608 $3.38

Total Units 1 Bdrm 143 45.7% $2,616 757 $3.46 Total Units 1 Bdrm 29 27.4% $2,997 893 $3.36Year Built 2 Bdrm 70 22.4% $4,166 1,210 $3.44 Year Built 2 Bdrm 6 5.7% $3,376 860 $3.93

Occupancy 3 Bdrm 0 0.0% n/a n/a n/a Occupancy 3 Bdrm 2 1.9% $3,359 1,445 $2.32


Total Units 1 Bdrm 69 34.8% $3,118 794 $3.93 Total Units 1 Bdrm 24 11.6% $2,293 651 $3.52Year Built 2 Bdrm 62 31.3% $3,861 1,107 $3.49 Year Built 2 Bdrm 56 27.1% $3,172 974 $3.26







Occupancy 3 Bdrm 6 0.8% $5,403 1,455 $3.71 Occupancy 3 Bdrm 28 12.7% $6,599 1,366 $4.83

300 14th StSan Diego, CA 92101

AveragesUnit

TypeUnit Mix1133tthh && MMaarrkkeett

1330 Market StSan Diego, CA 92101

264

Under Construction

2652019

85.3%

PPaarrkk 1122TThhee CCoolllleeccttiioonn

San Diego, CA 92101

Averages100 Park Plaza

San Diego, CA 92101718

Unit

TypeUnit Mix

BBrrooaaddssttoonneeMMaakkeerrss QQuuaarrtteerr Unit

TypeUnit Mix

1982014

94.0%

3132018

90.4%

368

Averages1601 Broadway

San Diego, CA 92101

Averages1980 Kettner Blvd

San Diego, CA 92101

BBrrooaaddssttoonneeLLiittttllee IIttaallyy

201493.9%

Unit

TypeUnit Mix

AAlleexxaann AALLXX Unit

TypeUnit Mix Averages

SShhiifftt Unit

TypeUnit Mix Averages

1501 Island Ave

San Diego, CA 92101

Averages655 6th Ave


2008

Averages707 10th Ave

Unit Mix

TTeenntthh&&GG Unit

TypeUnit Mix

201885.0%

SSiixxtthh&&GG Unit

Type

96.2%

207200895.2%

UUrrbbaannaa Unit

Type

Averages1440 Columbia St

San Diego, CA 92101

Averages450 10th Ave


201599.0%

Unit Mix

Unit Mix

2202019

65.9%

LLuummaa Unit

Type

1 2

3 4

5 6

7 8

9 10

Source: Yardi Matrix

5

SAN DIEGOINTERNATIONAL

AIRPORT


BALBOAPARK

SAN DIEGOBAY

SAN DIEGOBAY

LAUREL STREET

W. IVY STREET

KETTNER BO

ULEVARD

KETTNER BO

ULEVA RD

PACIFIC HWY.

PACIFIC HW

Y.

N. H

ARBOR D

RIVE

INDIA STREET

IND

IA STREETCO

LUM

BIA STREET

STATE STREET

UN

ION

STREETFRO

NT STREET

BROADWAY

C STREET

E STREET

F STREET

G STREET

MARKET STREET

19TH STREET

17TH STREET

16TH STREET

20TH STREET

21ST STREET

22ND

STREET23RD

STREET24TH

STREET

B STREET

W. HAWTHORN STREET

GRAPE STREET

FIR STREET

PERSHING D

RIVE

5

LAUREL STREET

IV

Y ST

KETTNER BOULEVARD

KETTNER BOULEVARD

PACIFIC HWY.

PACIFIC HWY.

N. HARBOR DRIVE

INDIA STREET

INDIA STREET

COLUMBIA STREET

STATE STREET

UNION STREET

BROADWAY BROADWAY

C STREET

E STREET

F STREET

G STREET

MARKET STREET

ISLAND AVE

MARKET STREET

ISLAND AVE

J STREET

K STREET

IMPERIAL AVE

COMMERCIAL STREET

19TH ST

17TH ST

16TH ST

11TH AVE

10TH AVE

4TH AVE

1ST AVE

6TH AVE

5TH AVE

20TH ST

21ST ST

22ND ST

23RD ST

24TH ST

B STREET

W. HAWTHORN ST

GRAPE STREET

FIR STREET

PERSHING D

RIVE

E HARBOR DRIVE

J STREET

E HARBOR DRIVEFRONT STREET

PA

RK BLVD


AIRPORT


BALBOAPARK

PETCOPARK

SAN DIEGOCONVENTION CENTER

WATERFRONTPARK

SAN DIEGOBAY

1 5 T H & M A R K E T14

5

6

7

8 2

3

9

10

22 15TH & MARKET

23

L A N D S A L E C O M P S

445 W Ash Street

Address: 445 W Ash Street

Sale Date: 12/26/2018

Sale Price: $20,300,000

Land/SF: 30,117

Price/Land: $674

Buyer: Toll Brothers

Seller: Summit Assets

1

1st and Beech

Address: 124 Beech St

Sale Date: 3/28/2019

Sale Price: $4,500,000

Land/SF: 10,000

Price/Land: $450

Buyer: McDougal & Associates

Seller: KB Property Advisors

2

16th & F St

Address: 16th & F St


Sale Price: $16,800,000

Land/SF: 40,000

Price/Land: $420

Buyer: Foulger-Pratt Companies

Seller: Navarra Family Trust

3

849-867 10th Ave

Address: 849-867 10th Ave



Land/SF: 14,700

Price/Land: $420

Buyer: Capexco

Seller: The Porter Trust

4

1035 13th St

Address: 1035 13th St

Sale Date: 7/6/2018


Land/SF: 10,754

Price/Land: $418

Buyer: Chelsea Investment Corporation

Seller: Fix Auto Downtown

5

1335 Broadway & 901 Park Blvd

Address: 1335 Broadway


Sale Price: $40,047,272

Land/SF: 100,187

Price/Land: $400

Buyer: Kilroy Realty

Seller: The Salvation Army

6

Blokhaus

Address: 241 14th St


Sale Price: $23,200,000

Land/SF: 59,242

Price/Land: $392

Buyer: Mill Creek Residential Trust

Seller: Platt Management

7

Former Jerome's

Address: 16th & Broadway

Sale Date: 10/17/2018

Sale Price: $25,000,000

Land/SF: 60,000

Price/Land: $416

Buyer: JPI/TDI

Seller: Navarra Family Trust

8

Source: CoStar Group

5


AIRPORT


BALBOAPARK

SAN DIEGOBAY

SAN DIEGOBAY

LAUREL STREET

W. IVY STREET

KETTNER BO

ULEVARD

KETTNER BO

ULEVA RD

PACIFIC HWY.

PACIFIC HW

Y.

N. H

ARBOR D

RIVE

INDIA STREET

IND

IA STREETCO

LUM

BIA STREET

STATE STREET

UN

ION

STREETFRO

NT STREET

BROADWAY

C STREET

E STREET

F STREET

G STREET

MARKET STREET

19TH STREET

17TH STREET

16TH STREET

20TH STREET

21ST STREET

22ND

STREET23RD

STREET24TH

STREET

B STREET

W. HAWTHORN STREET

GRAPE STREET

FIR STREET

PERSHING D

RIVE

5

LAUREL STREET

IV

Y ST

KETTNER BOULEVARD

KETTNER BOULEVARD

PACIFIC HWY.

PACIFIC HWY.

N. HARBOR DRIVE

INDIA STREET

INDIA STREET

COLUMBIA STREET

STATE STREET

UNION STREET

BROADWAY BROADWAY

C STREET

E STREET

F STREET

G STREET

MARKET STREET

ISLAND AVE

MARKET STREET

ISLAND AVE

J STREET

K STREET

IMPERIAL AVE

COMMERCIAL STREET

19TH ST

17TH ST

16TH ST

11TH AVE

10TH AVE

4TH AVE

1ST AVE

6TH AVE

5TH AVE

20TH ST

21ST ST

22ND ST

23RD ST

24TH ST

B STREET

W. HAWTHORN ST

GRAPE STREET

FIR STREET

PERSHING D

RIVE

E HARBOR DRIVE

J STREET

E HARBOR DRIVEFRONT STREET

PA

RK BLVD


AIRPORT


BALBOAPARK

PETCOPARK

SAN DIEGOCONVENTION CENTER

WATERFRONTPARK

SAN DIEGOBAY 1

4

5

6

7

8

2

3

1 5 T H & M A R K E T

24 15TH & MARKET

25

D U E D I L I G E N C E M A T E R I A L

Environmental Reports

Civic SD - Community Plan

Earthquake Fault Study - Full Report

Civic SD - PDO

Civic SD - Land Use - FAR Maps

Earthquake Fault Study - Summary & Map Only


http://www.colliers-sandiego.com/utc/krebs/15th&Market/SummaryMap.pdf

http://www.colliers-sandiego.com/utc/krebs/15th&Market/Ch15.pdf

http://www.colliers-sandiego.com/utc/krebs/15th&Market/Faultstudy.pdf

http://www.colliers-sandiego.com/utc/krebs/15th&Market/ComunityPlan.pdf

http://www.colliers-sandiego.com/utc/krebs/15th&Market/PDO.pdf

http://www.colliers-sandiego.com/utc/krebs/15th&Market/Environmental.pdf

ASKING PRICE: Market Pricing

OFFER DATE: Tuesday, February 25, 2020

CONTACT: Victor Krebs Colliers International 4350 La Jolla Village Drive, Suite 500 San Diego, CA 92122 License No. 01114335 +1 858 677 5334 [email protected]

S A L E P R O C E S S

26 15TH & MARKET

27

COMPANY # OF EMPLOYEESQualcomm Inc. 37,000Naval Base San Diego 30,713Sharp HealthCare 18,770Kaiser Permanente San Diego Medical Center 9,630San Diego Community College District 6,805General Atomics Aeronautical Systems Inc. 6,777San Diego State University 6,635Rady Children’s Hospital – San Diego 5,541YMCA of San Diego County 5,517Sweetwater Union High 5,199Chula Vista Elementary School District 5,019Northrop Grumman Corp. 4,994Sempra Energy 4,741BD (Becton, Dickinson and Co.) 4,500Palomar Health 4,200University of San Diego 3,884Veterans Affairs San Diego Healthcare System 3,735Barona Resort & Casino 3,332General Dynamics NASSCO 3,000Viasat Inc. 2,773Well Fargo Bank & Co. 2,538Palomar College 2,420Sycuan Casino Resort 2,410Thermo Fisher Scientific Inc. 2,400Grossmont-Cuyamaca Community College District 2,237Tri-City Medical Center 2,177Pala Casino Spa & Resort 2,104

S A N D I E G O C O U N T Y L A R G E S T E M P L O Y E R S

Source: San Diego Business Journal 2020 Book of Lists

The various national, state, and local government agencies are the largest employers in the county. For example, the United States Navy employs over 30,000 people. However, San Diego has several prominent companies that employ thousands of employees each. The biggest companies tend to be hospitals, communications, and defense companies.

San Diego continues its economic recovery that began in 2010 with increased growth over the last ten years. In 2019, San Diego’s gross metro product (GMP) had growth of 2.3%. Moody’s Economy.com (November 2019) forecasted a growth rate of 1.9% in 2020 – equating to $250.5 billion – compared to a 2.3% increase for the nation.

San Diego continues its economic recovery that began in 2010 with increased growth over the last ten years. In 2019, San Diego’s gross metro product (GMP) had growth of 2.3%. Moody’s Economy.com (November 2019) forecasted a growth rate of 1.9% in 2020 – equating to $250.5 billion – compared to a 2.3% increase for the nation.

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

% A

nnua

l Cha

nge

Gross Metro/Domestic ProductAnnual Year-Over-Year Change

San Diego (GMP) United States (GDP)Source: Moody's Economy.com (11/2019)

Forecast

503,807 Population (5 mi from site)

$74kAvg HouseholdIncome

89

3,606

Walk Score Very Walkable

Downtown Units Under Construction

76%Renters in Downtown

The heartbeat of every city lives in its downtown, and San Diego is no exception. Located only minutes from the airport, San Diego’s thriving urban center offers an abundance of options for accommodations, activities, dining and cultural attractions, all easily accessible by foot, bike, car or public transportation.

Where modern architecture and Victorian-Age buildings stand side-by-side, you’ll discover eclectic galleries, chic boutiques, trendy nightclubs, rooftop bars, gastropubs, craft beer hangouts and fine dining restaurants lining the streets.

D O W N T O W N S A N D I E G O A T A G L A N C E

28 15TH & MARKET

29

S A N D I E G O C E N -T R A L P U B L I C L I B R A R Y

annual attendees

P E T C O P A R K

S A N D I E G O C O N V E N T I O N C E N T E Rannual events

direct attendee spending

±862 K

±108

±$724 M

annual attendees

annual public & private events

annual spend by park visitors

±2.4 M

±300

±$70 M

annual attendees

seat auditorium

square feet

±1 M

±320

±497,650

annual attendees

annual attendees

annual visitors

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2020. All rights reserved.

Victor KrebsSenior Vice PresidentLic. No. 01114335(858) 677 [email protected]

&15th Market

Documents

MULTIFAMILY DEVELOPMENT SITE 15th & MARKET STREET€¦ · Apartment Rent Survey 21 Land Sale Comps 23 ... the Gaslamp District, Seaport Village and the excellent neighborhood restaurants,