The Headquarters at Seaport in downtown San Diego, a retail center home to restaurants like The Cheesecake Factory, Galpão Gaucho and Eddie V’s, was sold by Newport Beach-based TRC Retail for $34.9 million.
Los Angeles-based LBX Investments bought the 73,823-square-foot retail property, located on the San Diego Harbor waterfront at 789 W. Harbor Drive. It’s near the 1,628-room Manchester Grand Hyatt San Diego.
LBX Investments is buying a property within walking distance of several San Diego landmarks, including Petco Park, USS Midway, Star of India and Gaslamp Quarter. The Headquarters is also across from IQHQ, a 1.6-million-square-foot life science and retail project.
“The sale of The Headquarters represents a rare opportunity to acquire a waterfront asset with upside potential in one of America’s most desirable coastal markets,” Gleb Lvovich, a senior managing director with JLL Capital Market’s Investment Sales and Advisory Team, said in a statement.
“The property’s unique positioning as the gateway to downtown San Diego’s premier entertainment district, combined with its authentic environment and strong tenant roster, made it highly attractive to investors seeking irreplaceable real estate.”
JLL Capital Markets confirmed the deal. TRC Retail, which owns The Village At Orange, did not respond to a request for comment.
JLL also arranged acquisition financing.
Lvovich, Geoff Tranchina, Daniel Tyner, Gregg Shapiro and John Marshall, all of JLL, represented and advised TRC Retail on the transaction.
JLL’s Debt Advisory team consisted of Shapiro, senior managing director; and Marshall, managing director.
The Headquarters
CoStar described The Headquarters as a venue blending “a renaissance of style and a resurgence of youthful energy.”
The real estate data company added that The Headquarters is “famous for its eclectic blend of classically inspired architectural styles and rich history.”
That history is tied to the former use of The Headquarters, where the San Diego Police Department called home until relocating to a new facility in 2013.
JLL’s marketing materials said The Headquarters is 83% occupied.
“The property features an eclectic mix of destination food and beverage, daily needs and apparel tenants,” according to JLL.
In a statement, JLL also said that the property’s tenants have a weighted average lease term of 10 years.
San Diego Seaport Village
The Headquarters is part of San Diego’s Seaport Village redevelopment. Plans have been in place to update San Diego’s waterfront near Seaport Village and The Headquarters since 2016
Local officials approved a $3.8 billion plan to upgrade Seaport Village in 2023. State legislators recently tried to expedite redevelopment.
The updated Seaport Village could include an observation tower, aquarium, new hotel rooms, public parks, boat slips, commercial uses and office space for ocean research.
