Little Italy Redevelopment Site SOLD
San Diego, CA – (January 24, 2017) – Union & Ash, a redevelopment site in Little Italy consisting of 27,611 square feet of land (property addresses are 210 & 232 West Ash Street, and 1400 & 1430 Front Street) was marketed and sold by Doug Ceresia, CCIM, SIOR, Josh Buchholz and Matt Midura of NAI San Diego, for a total purchase price of $15,200,000.
The sale consisted of two separate transactions; one was for the purchase of 210 West Ash Street, and 1400 & 1430 Front Street for $6,946,895, which have been owned by B B Ash Street Associates since the 1970s, and the other was for the purchase of 232 West Ash Street for $8,258,160, which was owned by Wells Fargo Bank, as Trustee for Ames Trusts and Ash Street LLC, who have owned 232 West Ash since the 1920s.
Union & Ash is zoned CCPD - RE (Centre City Planned District - Residential Emphasis), which allows for a potential residential redevelopment of the site. A preliminary architectural site study, performed by Joseph Wong and Chris Fassler with JWDA suggests that Union & Ash may provide for an approximate 260-unit Multi-Family tower.
Union & Ash offers an exciting opportunity to develop an iconic project in Little Italy at a time when the area is experiencing vast growth. Available development opportunities of this size in Little Italy are extremely rare.
Jim Hamilton with CityWest Advisors represented the buyer (name withheld). The buyer is in process of entitling the site however there is no definitive development time-frame in place.
The Union & Ash site currently consists of one parking lot and three single-story office buildings. Aladdin Bail Bonds is a tenant in 1400 Front Street. The other commercial buildings at 210 & 232 West Ash Street have been occupied by the San Diego County Office of Education since 1996.
NAI San Diego is a locally owned and independently operated, full service commercial real estate brokerage and property management firm. NAI San Diego is a proud member of NAI Global, the world's leading managed network of commercial real estate firms. With over 375 offices in 55 countries worldwide, more than $45 Billion in annual transaction volume, and over 380 million square feet of property management, we bring together people and resources to deliver results for our clients wherever needed. Our clients come to us for our in-depth local knowledge. They build their businesses on the power of our global managed network. To learn more, visit www.naisandiego.com or www.naiglobal.com.