11th & E Street
San Diego, CA
Maximizing the value in a prime urban location.
The owner of Pacific Messenger Services, one of San Diego’s longest-running family businesses, was looking to retire. Since 1985, the company’s 25,000-SF building at 11th & E had served as their only location, and the owner was looking for a broker who could both achieve the highest price and locate a buyer who would allow the winding down of their business on their terms. The surrounding area was home to dozens of new developments that were under construction, and the owner knew how valuable his property was.
Realizing a 30,000-SF block in downtown would draw in many developers, Tashakorian reached out the 30 most active developers in San Diego and persuaded them to meet with ownership to pitch their vision for the location directly to the owner. After selecting the two most qualified developers to a Best and Final, the ultimate buyer was selected, and escrow closed the highest price per SF land deal in the area.
The site is located in the heart of downtown San Diego’s thriving East Village. The is one of San Diego’s most rapidly developing regions and is home to Petco Park, the Central Library, San Diego City College (among other educational institutions), and countless restaurants and bars. The Pacific Messenger building sits within the I.D.E.A district, which stands for innovation, design, education, and the arts. This 35-block radius is a transformative urban initiative which aims to create 13,000 + design and tech jobs in the next 12 years.
type: Industrial | Owner/User
location: San Diego, CA