Hillcrest Office Building Sells for $3.1 million to Owner-User, CAA Announces
SAN DIEGO, CA (June 17, 2021) — A two-story professional office building in the Hillcrest area of San Diego sold for $3.1 million on May 21, 2021 to an existing tenant, a spa business that will be its owner-user, Commercial Asset Advisors announced.
The 9,354-square-foot building is located at 3969 1st Avenue. It is within walking distance of world-class restaurants, medical facilities and amenities and offers freeway access to Interstate 5 and State Route 163. The seller was CWC Income Properties 1 LLC; represented by CAA Principals Mike Conger and Brian Jenkins.
“CAA was able to generate strong interest in this property through a comprehensive marketing campaign, which resulted in multiple offers over three rounds of negotiations – a competitive process that ultimately resulted in a mutually beneficial transaction for both seller and buyer,” Conger said.
The building was purchased by 3969 1st Avenue, LLC, which is the corporate name of the existing downstairs tenant, Karma Spa, with plans to expand into a portion of the upstairs space and generate additional income by leasing out the remaining space. Kyoko Wolf of JCA International Realty represented the buyer.
The buyer was able to take advantage of Small Business Administration (SBA) financing. The expansion of this service business signals confidence in the economy’s recovery in the post-pandemic landscape.
About Commercial Asset Advisors
Commercial Asset Advisors is a San Diego-based commercial real estate brokerage that specializes in serving the unique needs of individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations. As a full-service CRE firm, our team has assisted property owners from Central San Diego, North County, East County, South County and beyond to maximize the value of their investments including office, retail, industrial, apartment and multi—family, mixed-use projects, ground-up development tenant representation and much more. With experience earned through exceptional hard work, CAA has successfully completed over 1,400 sale and lease transactions totaling over $500 million in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.