SAN DIEGO (July 9, 2010) – Cassidy Turley BRE Commercial, San Diego’s market leader in commercial real estate services, today announced that Hive Sushi Lounge has purchased the building located at 1065 14th Street in East Village for $1.1 million.
Hive Sushi Lounge purchased the 3,000-square-foot retail building, capitalizing on their position as the majority building tenant as well as the attractive owner-user financing available from numerous commercial mortgage lenders and the Small Business Administration (SBA).
“The current market presents a great opportunity for tenants to become property owners as fewer investors compete to purchase commercial assets,” said Cassidy Turley BRE Commercial’s Danny Fitzgerald, who represented the seller. “With the proliferation of vacant space, today’s market is heavily driven by tenants and users. While the past decade was primarily dominated by investment driven purchases and low vacancy rates, the new market’s attractive price offerings and availability of SBA financing are creating new opportunities for small businesses like Hive Sushi.”
The seller, Peter Manning, was represented by Fitzgerald as well as Michael Burton and Robb Frye of Cassidy Turley BRE Commercial. Tomas Schoff of American Dream Homes represented Hive Sushi Lounge.
About Cassidy Turley BRE Commercial
Committed to remaining private and focused on the needs of clients, BRE Commercial has partnered with a group of market-leading private firms across the nation as founding fathers of a new company, Cassidy Turley. Cassidy Turley is one of the nation’s leading full-service commercial real estate firms, with $13 billion in annual transactions, 420 million square feet of managed space, 58 offices, 19 national markets and more than 25,000 Corporate Services locations.
Cassidy Turley BRE Commercial offers end-to-end services in all phases of commercial real estate transactions including leasing, investment sales, market research analysis, tenant advisory services, debt and equity placement, financial analysis and property management. The company serves all commercial property types including industrial, investment, office, life sciences, medical, retail, multi-family, restaurant/fast food, self-storage, senior housing and undeveloped land throughout San Diego County and Southern California. For more information about Cassidy Turley BRE Commercial, please visit www.brecommercial.com.