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Unit Size: 31,993 SF
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Condo Use: Retail
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Price: $10,106,000 USD
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Sale Type: Investment
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Price/SF: $315.88 USD
Description
Meridian Place is a commercial condominium positioned at the base of the iconic Meridian Tower, a 27-story luxury residential community in Downtown San Diego’s Marina District. The condo spans approximately 31,993 square feet and benefits from strong visibility along Front, F, Union, and G Streets. As part of a high-end residential association featuring luxury condominiums valued from $1M to $5M, the property enjoys a built-in, affluent customer base and white-glove amenity environment. The offering includes access to approximately 136 on-site parking spaces, a rare and valuable feature in the downtown core. The condominium structure allows for efficient ownership within a stabilized mixed-use asset, while still offering flexibility to enhance value through leasing and tenant mix improvements
Sale Notes
Newmark Pacific Retail Capital Markets is pleased to present the opportunity to acquire Meridian Place, a 31,993 square foot retail and retail service project located in the heart of downtown at the confluence of F Street, Union Street, Front Street and G Street.
Meridian Place is located on the first level of The Meridian Tower is a landmark residential community in Downtown San Diego's Marina District offering 264 luxury condominiums. Condominiums range from $1,000,000 to upwards of $5,000,000 offering amenities consistent with resort style and white glove living including valet parking, rooftop pool and spa, formal gardens, and state-of-the-art health club.
Meridian Place is currently 70.3% leased and occupied by notable tenants including UCSD, LAZ Parking and longtime San Diego favorite Salvatore's Ristorante. In addition, the balance of the tenant mix is a combination of office, retail and retail service-oriented tenants ideally merchandised to service the residents and daytime population. Unique to Meridian Place are the 136 public parking stalls, operated by LAZ parking. This level of public parking is rare in downtown San Diego and is an attractive amenity for existing and future tenants.
The Meridian is ideally situated to benefit from the resurgence and growth Downtown San Diego is experiencing. Neighboring projects and developments include Manchester Grand Hyatt, IQHQ's 1.7M square foot development, The Headquarters, and Seaport Village. In addition, Meridian Place is .3 miles from the San Diego Convention Center which generates more than 605,000 visitors annually as well as Petco Park which is only .4 miles from Meridian Place with over 3,400,000 visitors per year.
Meridian Place offers a true value-add opportunity for investors to acquire a well-located piece of downtown San Diego with tremendous upside through lease up of existing vacancy.
Deal Page Link: https://platform.reverecre.com/project/4bd9d3f9-0344-4994-a39b-21cc0d74de3f
Rob Ippolito
Newmark
