Owner-Occupier Trades Mixed-Use San Diego Offices

Marcus & Millichap arranged the sale of The Arte Building, a 70,602-square-foot mixed-use property located at 1111 Sixth Ave. in San Diego. The asset sold for $7,850,000.

“Expansive, a Chicago based co-working company, owned the building and established a thriving co-working business at this location; however, the business faced significant challenges during the COVID-19 pandemic, impacting its operations,” said Ross Sanchez, senior associate for the Totah Group in Marcus & Millichap’s San Diego Downtown office. “Despite this setback, Expansive successfully navigated the difficulties and saw a remarkable recovery, with the business beginning to experience occupancy growth at this location but was ultimately compelled to sell.”

Sanchez and Nick Totah, SVP investments, marketed the property on behalf of the seller, 1111 6th Ave, LLC. The buyer, Salwan Komo, was also procured by Totah and Sanchez. 

Built in 1913, and extensively renovated in 2017, the property features the historic 1989 “America’s Finest City” mural by Kathleen King. Tenants include Subway, Downtown San Diego Partnership, Expansive, Open Heart Leaders and a dentist. 

Be there in person for the 8th Annual Connect Los Angeles 2024, May 1 at the Intercontinental Los Angeles Downtown. Industry leading experts will share insights and forecasts on today’s CRE markets.