Location: 10178-10180 Willow Creek Rd., San Diego, CA
Size: 26,000 S.F.
Date Purchased: September, 2003
Purchase Price: $2,200,000
Date Sold: March, 2005
Sales Price: $4,180,000

Strategy: Recognizing the need for smaller sized office/industrial space in San Diego, Fenway Properties acquired an outdated manufacturing facility with the plan to transform the space into modern condominium office/industrial units.

Challenge: The property, built in 1980, appeared to be in the original condition with an outdated design including a concrete exterior with very little glass or opportunity for natural light. Additionally, there was reason to believe that the previous tenants who were machinists might have had oil leaks onto the slab and into the soil beneath the building which would create an environmental issue.

Solution: Fenway Properties worked with their environmental consultant to perform several thorough environmental studies and found no evidence of soil disturbance. The $1,000,000 renovation to transform this industrial space into modern office/industrial units included creating a new façade for multi-tenant office entries, cutting exterior windows from the original concrete, while adding metal stud pop-outs giving the building some depth and upgrading the landscape to improve the drive-up appeal for each new office. A new roof, paint and asphalt were also included in the exterior renovation. Sky lights were added to increase the natural light within the building and new speculative offices were constructed to include rear storage areas to maximize appeal and meet the needs of modern tenants.

Fenway Properties worked efficiently with their team and city officials to expedite the re-development process. They filed the condominium map while construction was being completed and the property was sold just after the map was approved.

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