SAN DIEGO –– CBRE has arranged five leases totaling 10,000 sq. ft. at 5826 – 5854 Montezuma, a mixed-use development slated to open in the late summer of 2023 near the San Diego State University (SDSU) campus in San Diego. The deals put the building at full occupancy.
The development will house on the ground-level: Handel’s Homemade Ice Cream, The Alley, Jimmy John’s and Dunkin’ Donuts, as well as the relocation of the original McDonald’s restaurant. These tenants will open concurrently alongside 169-bed student housing on the floors above in the summer of 2023
CBRE’s Reg Kobzi, Joel Wilson and Michael Peterson represented the landlord, Pierce Education Properties, on the leases.
“This project is another great addition to the college-area revitalization and transformation,” said Mr. Kobzi. “Keeping McDonald’s as part of the community was a goal, and attracting tenants like Trader Joe’s to the south campus project next door serves not only SDSU but also the residents of the community. As a former Aztec, I am happy to make it all happen.”
The property is on Montezuma Road, just west of College Avenue, and next to SDSU’s South Campus Plaza project south of the campus boundary. The construction of the seven-story building started in the fall of 2021. AVRP Studios, Wolden Design and KTGY Architecture & Planning are the architects on record, and Cannon Constructors South serves as the project’s general contractor.
According to CBRE Research, the San Diego retail market made great strides in last year’s fourth quarter. With increased leasing activity (340,336 sq. ft.) and a positive net absorption (122,879 sq. ft.), the market saw its lowest vacancies (4.9%) since 2019.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.