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Deal of the Week - Sale

Fifth Avenue building sold

The Deal of the Week was the sale of the 145,000-square-foot, 12-story Fifth Avenue Financial Center at 2550 Fifth Ave., San Diego 92101, for $39.25 million.

The buyer was FAFC9 Owner LLC, a joint venture of BBL Commercial Real Estate of San Diego and New York-based Westbrook Partners.

The seller was Alessio Investment Company, a California limited partnership with DJA LLC as the general partner. Dominic J. Alessio is president of DJA. The Alessio family has owned and operated the building since its construction in 1965.

The Bankers Hill building 12th floor is occupied by the restaurant Bertrand at Mister A's, which will remain in its 12,000 square feet space.

The building is 74 percent leased to a variety of tenants, many of whom have been there for decades.

The CoStar Group (Nasdaq: CSGP) reported tenants including the law firm of Thornes Bartolotta Maguire, Evanco Realty Advisors, Citylink Investment Corp. and the Timken Museum of Art.

The new ownership plans a multi-million dollar renovation.

The building's street level focus will include a new 5,000-square-foot restaurant -- and possibly a café, pub or brewery -- and other strategic commercial uses.

An architect is expected to be named in the fall.

Andy LaDow, Michael Burton and Danny Fitzgerald, of Cassidy Turley, will market both the available office space and the planned retail and restaurant space.

Photo courtesy of CoStar Group

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