Daily Business Report-March 19, 2020
The commercial building at 937-939 Fifth Ave. was built in 1911. (Photo credit: Colliers International)
Historic Gaslamp Quarter building with basement
once used as a speakeasy sold for $1.85 million
A three-story commercial building in Downtown’s Gaslamp Quarter whose basement served as a speakeasy during Prohibition has been sold to real estate developer Evan Rundle for $1.85 million.
The 7,500-square-foot building at 937-939 Fifth Ave. was constructed in 1911 as the Manhattan Hotel & Restaurant.
In the 1930’s, the exposed-brick building was remodeled in the Art Deco style with exterior bas-relief panels and interior white mahogany and walnuts details.
UBS Properties sold the building with representation by Bill Shrader of Colliers International San Diego.
Evan Rundle acquired the property with representation by Dion Noravian of Green World Realty. The new owner plans to convert the building for residential use with ground floor commercial.
“Since 1912, this property has only had two owners and has not been listed for sale since 1928,” said Shrader. “This was an incredibly unique opportunity for the new ownership to acquire and revitalize a storied piece San Diego’s Gaslamp District.”
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Medical office building in Miramar area
sold to private buyer for $5.3 million
A high-net-worth, private buyer has purchased a medical office building at 9606 and 9636 Tierra Grande in the Miramar area of San Diego for $5.3 million.
the two-building, campus-style property was originally constructed in 1981. Recently renovated, the building was 85 percent occupied at the time of sale to a diverse mix of medical and office tenants.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson represented the seller, San Diego-based investment group Equinvests Capital, in the transaction.
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San Diego Rescue Mission sells
City Heights facility for $7.75 million
San Diego Rescue Mission has sold its industrial building at 5150 University Ave. in City Heights for $7.75 million to University Storage LLC.
The 2.18-acre lot is zoned commercial community. The building is 38,610 square feet.
The buyer plans to redevelop the property into a self-storage facility.
George Hicker and Michael McFarland of Cardinal Industrial, and Matt Weaver and Al Apuzzo of Lee & Associates represented both the seller and buyer.
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County libraries move to curbside pickups
The county of San Diego’s libraries are going to curb-side pickup to help county residents practice social-distancing to stop the spread of coronavirus and still enjoy all the library books, digital magazines, music, movies and other fare they love.
Starting Wednesday, March 18, county library patrons can use the Library’s online catalog or call their branch libraries, place orders for the books they’re looking for and then pick them up at the Library’s curbside weekdays between the hours of 9 a.m. and 4:30 p.m. when the material is ready.
At the same, County Library Director Migell Acosta said library patrons can still access all the Library’s e-books and e-magazines around the clock — 24 hours a day, seven days a week — by downloading the Libby app for e-books or Flipster (under e-books and e-magazines) for e-magazines like Sports Illustrated, People, Time. The New York Times and other reference resources are available on our website.
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Local Media San Diego completes
acquisition of KFMB Radio stations
Local Media San Diego announced that it has concluded its acquisition of KFMB-FM and AM from Tegna Inc.
The stations will join “Z90” (XHITZ-FM), “91X” (XETRA-FM), and “Magic 92.5” (XHRM-FM) at LMSD headquarters in Sorrento Valley.
Local Media San Diego LLC is a San Diego-based media company. In addition to radio properties, LMSD also owns and operates Local Media Digital Labs, a locally-focused digital solutions provider, Local Media San Diego Events for lifestyle event production, and offers in-house video and audio production.
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Navy offers glimpse inside compound
where new drone warship is being built
For the first time, the Navy allowed the media into a nondescript compound on the Mississippi coast, offering a glimpse of an unusual vessel slated to join the fleet by the end of the year. It’s here — with its high ceilings, dusty floors and machinery hum — where the Navy’s second drone warship, Sea Hunter II, is being built and bred for battle.
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Legislature passes $1.1 billion in emergency
coronavirus funding —then leaves the Capitol
by Laurel Rosenhall, Rachel Beckerand Ana B. Ibarra, CalMatters
In an urgent attempt to prepare California for a surge of critically ill coronavirus patients, state lawmakers Monday allocated up to $1 billion for an unprecedented ramp-up of hospital capacity, and then, in an extraordinary move, went home for a month —or perhaps longer —effectively shutting down business at the state Capitol as Americans face growing calls to isolate themselves.The move toadjourn until April 13 came as states across the nation enacted sweeping measures to stem the fast-moving pandemic and the nation’s economy began to shut down.
