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Sales under way on downtown's first office condo project

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Downtown San Diego's first office condominium project has just released its first units for sale, marking another key milestone in the redevelopment of East Village and the revitalization of the historic TR Produce Warehouse building.

A rendering of Cruzan|Monroe's TR Office, which is a renovation of the historic TR Produce Warehouse building.

TR Office is being developed by Cruzan|Monroe as part of a mixed-use project at Ninth Avenue and J Street directly across from centerfield at Petco Park. The project includes 28 loft-style office units ranging from 700 square feet to approximately 1,300 square feet. The office units are located on two floors above the 72-year-old TR Produce Warehouse facility, which is being preserved and restored to include 20,000 square feet of retail and restaurant uses to be called TR Retail.

Architects Richard Bundy and David Thompson, along with general contractor Wheelihan Construction, were chosen by Cruzan|Monroe for their expertise in historic renovation work -- particularly in downtown San Diego.

"This is a one-of-a-kind asset that thoughtfully fuses historic renovation with contemporary architecture and urban business trends," said Dennis Cruzan, principal with Cruzan|Monroe. "TR Office is a unique opportunity for smaller business owners who live and/or work downtown to invest in a Class A workplace in an area that is in the midst of an exciting renaissance and positioned for outstanding long-term upside."

TR Office will be ready to occupy at completion, projected at second quarter 2006. Open loft-style spaces feature an urban/industrial aesthetic with contemporary concrete floors, exposed ceiling and glass entrance doors flanked by sidelights. Every suite has its own restroom facilities, built-in cabinetry and dedicated HVAC systems. Backed by state-of-the-art technology infrastructure (fully wired and fiber-ready), with views of Petco Park and the downtown cityscape, the project will add to the synergy of East Village and invigorate the traditional architectural form of its past.

More than 4,000 residential units are located in the three-block radius surrounding the TR Produce building and over 500,000 square feet of retail space is planned in the neighborhood over the next three to five years.

"We wanted to provide an option for smaller companies who value a downtown presence to own high-profile space and achieve the benefits of ownership," he said. "These benefits include tax and depreciation advantages, equity build-up, long-term control over workplace expenditures, and oftentimes, a mortgage payment that is less than rent."

Cruzan|Monroe has already lined up preferred lenders to provide both SBA and conventionally financed products to buyers.

Sales of the upper-level office suites are being handled by Bradford Perry of Cushman Wakefield, (858) 332-3428, and Barry Mahlberg of Burnham Real Estate, (858) 558-5636.

Leasing for the retail and restaurant portion of the project is being handled by Bill Shrader and Corinna Gattasso of Burnham Real Estate's Urban Retail Group, (619) 525-2949. For more information on TR Office and TR Retail, please go to www.troffice.com.

Since its formation in 2002, Cruzan|Monroe has acquired more than 1 million square feet of industrial and office space valued at over $100 million in the San Diego area. In addition to the TR Produce project, the company is under development or in planning on projects totaling another 1 million square feet. These include: Paseo Del Mar, a 240,000-square-foot Class A office campus in Carmel Valley developed in conjunction with JMI Realty; The Summitt, a 70-acre business park to be redeveloped in Rancho Bernardo in conjunction with RREEF; and La Pacifica at Ocean Ranch, a 30-acre build-to-suite office and industrial park in Oceanside.

Cruzan|Monroe offices are located at 12770 High Bluff Drive, Suite 270, San Diego, CA 92130. The phone number is (858) 350-4020.

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