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BORDERS BUILDING

668 6TH AVENUE, SAN DIEGO, CA

Summary

ONE BUILDING, 32,225 SQ. FT.
STORIES: TWO
TYPE: MIXED USE, HIGH-END RETAIL
YEAR BUILT: 2002
TENANCY: MULTI

The Borders Building was purchased vacant for all-cash in 2012. The value-add capital improvements included a new lobby; the addition of a new elevator and stairway; additional exterior windows; power, mechanical and plumbing upgrades; structural improvements; a new balcony; and tenant build-outs while fully leasing up the property. Financing was obtained after completing improvements in conjunction with the Monro philosophy to hold the stabilized asset long term. The Borders Building 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.

Deal Points:

COMPLETELY VACANT PURCHASE. MAJOR INTERIOR AND EXTERIOR IMPROVEMENTS. AGGRESSIVE LEASE UP.

The Borders Building was purchased vacant for all cash. During an 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.

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