3900 5TH AVENUE, SAN DIEGO, CA
ONE BUILDING, 44,192 SQ. FT.
STORIES: THREE FLOORS OVER TWO SUBTERRANEAN PARKING
TYPE: MIXED USE, OFFICE, MEDICAL AND RETAIL
YEAR BUILT: 1989
The Union Bank Building sits at the heart of Hillcrest in Uptown San Diego, located on the corner of the major intersection at 5th Avenue and University Avenue. Tenants enjoy unique office spaces above ground-floor retail with a pleasant open atrium building design and all the excitement of Hillcrest’s shops and restaurants nearby. Notable tenants include Union Bank, Perlman Clinic, and Mercy Physicians Medical Group. The building provides ample subterranean parking for tenants and visitors.
The Union Bank Building was originally purchased all cash in (YEAR) at approximately 50% occupancy. Through an aggressive leasing strategy and capital improvements, including upgrades to interior finishes, bathrooms, the lobby and landscaping, the building became stabilized within a year from purchase. Investment has been returned multiple times through cash flow and financings. Current zoning allows for many uses, including residential. The property’s fantastic location, uniquely ample parking, and solid rental history under ownership make the asset ideal to hold long term.