Downtown SD building sold
August 6, 2013
Chuck Klein and Kevin Held, of Cassidy Turley San Diego, represented the seller in the Deal of the Week.
Bill Shrader, of Cushman & Wakefield, represented the buyer.
The deal was the sale of an approximately 9,872-square-foot restaurant building at 705-709 Sixth Ave. in downtown San Diego occupied by Buca di Beppo for $5.7 million.
The buyer was HPE 705 6th Avenue LLC of San Diego. HPE SD Retail LLC is the manager of the seller, and HP Investors LLC, a California limited liability company, is the manager of HPE SD. Sumeet Parekh is the manager of HP Investors.
The seller was M.H. Sherman Company, with Gary Pickett as the authorized signatory.
The property at the corner of G Street consists of a 4,840-square-foot building constructed on a 5,000-square-foot lot at 705 Sixth, and a 5,000-square-foot building constructed in 2001 on a 5,000-square-foot lot at 709 Sixth.
“The property is a solid income-producing investment in the heart of the Gaslamp with the potential for repositioning to a more intensive use over the long term,” Klein said. “Buca di Beppo has been a part of the downtown landscape at this location since 1999. With the area evolving into a 24/7 live, work and play environment, this property is well positioned to benefit from steadily increasing consumer demand.”