Investors Make First West Coast Deal With Little Italy Office Tower
A JV of Santa Fe, NM-based Gemini Rosemont and Washington, DC's Central Properties has acquired 610 West Ash, a 19-story, 177,500 SF, Class-A office tower in the heart of San Diego’s Little Italy neighborhood, for an undisclosed amount.
Gemini Rosemont CEO Michael Mahony says the purchase is part of an acquisition strategy focusing on high-quality assets in primary and select secondary markets and sets the stage for further expansion into West Coast markets. Gemini Rosemont is engaged in a three-year, $3B equity capital and acquisition initiative, backed by Gemini Investments, a Hong Kong-based investment firm.
Little Italy is an evolving submarket of Downtown SD, Gemini Rosemont senior managing director John Caley says, suggesting the city's CBD could eventually become a 24-7 market. He says 610 West Ash provides a highly walkable, live/work/play environment. Little Italy has an abundance of retail amenities, including more than 30 restaurants, and a variety of housing options near public transit, parks and the Embarcadero on the waterfront. The location is convenient to the I-5 and I-8 freeway systems and SD International Airport. The building offers tenants views of the Downtown skyline and San Diego Bay. The building was 98% leased at the time of the sale.
Holliday Fenoglio Fowler’s (HFF) investment sales team, led by senior managing directors Nick Psyllos, Ryan Gallagher and Michael Leggett, handled the transaction for the seller, along with co-head and director of HFF’s West Coast team Nick Frasco. Cushman & Wakefield’s J.P. Huntington and Brooke Guiffre have been engaged to handle leasing, under the direction of Gemini Rosemont regional principal Helen Rivero. Property management will be provided by Meissner Jacquét.