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Deal of the Week - Lease

Consortium Holdings leases in Little Italy

The lessee and lessor of the Deal of the Week were represented by Bill Shrader and David Maxwell of Cushman & Wakefield's San Diego Urban Property Group.

The deal was a lease by Consortium Holdings of the 4,516-square-foot retail building in Little Italy at 1654 India St., San Diego, from 1565 India Street Investor LLC.

The building, leased for 10 years at $2,115,340, will be used for a collection of restaurants.

Consortium Holdings owns and operates a number of local restaurants, each with a unique dining concept. Craft & Commerce, Underbelly, Neighborhood, Noble Experiment, El Dorado, and new additions Polite Provisions and Soda & Swine comprise its San Diego portfolio.

The lessor acquired the building, formerly occupied by Ironside, in October for $1.56 million.

Colliers International brokers Victor Krebs and Rob Morgan handled the transaction. Krebs said the 1920s-era building is the last industrial space in the immediate area to be redeveloped.

“All the buildings have been upgraded to retail or office,” he said. “Everything through there has been cleaned up.”

The building is located in the heart of Little Italy, an area known for its eclectic collection of restaurants.

The Ironside building was not the only sale of a Little Italy property in October. Another transaction involved the 12,900-square-foot building formerly occupied by The Reader at 1703 India St., for $9.5 million, cash. The transaction included an adjacent, approximately 12,800-square-foot parking lot. The buyer was H.G. Fenton Property Co., of San Diego.

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