Elisabeth Awes Separate Property Trust and the Williams Family Trust
372 4th Ave. San Diego, CA 92101
The existing building was constructed in the early 1900s by a famous San Diegan, John D Spreckles. Though the building was built by Spreckles’ company, it was built for a use that had no historical significance. Overcoming that issue took 18 months of political engagement to enable the developer to tear down the existing structure. The council ended up recognizing that the new use would serve the community in a far more beneficial capacity than the existing building could into the future.The project utilizes smaller room sizes to reduce the rental rates and increase the stock of housing in a very expensive market. While not being “affordable”, it will be one of the more rental friendly units in the downtown submarket.
This is one of the last under-developed parcels in the Marina Planned District, offering an A+ coastal location set within walking distance to several of San Diego’s marquee amenities, including the Gaslamp District, Petco Park, Seaport Village and the San Diego Convention Center. It is also desirably located within a stone’s throw of the marina and San Diego Bay/Pacific Ocean and is just a short drive from the San Diego Airport.
Elisabeth Awes Separate Property Trust and the Williams Family Trust completed a long-term ground lease with developer 4th & J, LLC (Legacy Partners) for a prominent 30,056 square-foot (sf) parcel at 372 4th Ave. in San Diego’s Marina District. As the new lessee, 4th & J, LLC plans to redevelop the parcel into a $60 million six-story, 168-unit multifamily project.
4th & J, LLC’s new 168-unit residential development—also commonly referred as 4th & J—will be mostly composed of micro studios, considered a trend-setting concept in San Diego along with one- and two-bedroom apartments. The project will also feature leasing and fitness centers, resident clubhouse including an internet café’, a swimming pool and spa for residents, two rooftop amenity decks, dog park, multiple fire pits, bbq’s, and wifi throughout, as well as 1,300 sf of ground floor retail.
Cushman & Wakefield’s Tim Winslow, Jason Kimmel and Kevin Nolen in the firm’s San Diego office represented Elisabeth Awes Separate Property Trust and Williams Family Trust in the transaction. According to the team, the deal reflects one of the first private-to-private development unsubordinated ground leases signed in 30 years in the 92101 zip code.