California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Cushman & Wakefield Brokers Ground Lease in Uptown San Diego
Cushman & Wakefield brokered a 99-year ground lease for a 1.06-acre commercial site located at 411 Ivy St. plus an adjacent parking lot in the Bankers Hill neighborhood of uptown San Diego. The lessee is Raintree Partners, which plans to redevelop the longstanding office property as a new multifamily community.
The four-parcel property assemblage includes an existing 14,911-square-foot office structure, formerly the headquarters of a financial services company, along with the neighboring parking lot. The lessor at the time of lease execution was 4th & Ivy Creative House North, LLC and 4th and Ivy Creative House South, LLC, which have since sold 411 Ivy to new ownership. Cushman & Wakefield’s Kevin Nolen, Tim Winslow and Jason Kimmel represented the lessor.
“Securing 2021 peak market pricing for a ground lease in 2024 is a significant achievement, especially given the current challenges in the multifamily development sector,” said Nolen. “While new developments can be considered particularly risky, the Bankers Hill submarket has seen projects developed to some of the highest rents in the county.”
- ◦Sale/Acquisition
- ◦Development




