San Diego’s Big Real Estate Deal
Wednesday, August 1st, 2007Nine municipally owned excess commercial real estate with an appraised value of over than $32 million has selected two firms, Burnham Real Estate and Grubb were the winners after accepting the smallest brokerage commission.
San Diego decided to ditch a standard auction in favor for a brokerage commission to gain the most amount of press on the land.
Depending on the overall value the properties receive the two firms will walk away with
a commission rate of 1 to 3.5 percent.
The properties include:
5 vacant lots
3 ground leases
Crabtree
World Trade Center
The biggest of which are the Crabtree which will is worth $2.25 million and the World Trade Center at $17.7 million.
On Monday, amongst it’s other meeting topics, the City Council will deliberate on the choice of Burnham and Grubb & Ellis.
Director of San Diego’s Real Estate Assets Department, Jim Barwick, is confidant to have the properties listed within a month to 2 months if there is agreement on the deal proposed.
Though originally over 10 firms were invited to bid, only four truly qualified.
An Optimistic sales goal to help with beefing up the budget; selling $100 million in extra city real estate with in five years.
As of May, the City Council has approved the transaction of 17 city owned properties, including but not limited to; commercial properties, residential properties. As to the residential properties, brokers have yet to selected and the decision is not yet made on any specifics, as referred by the mayors office.
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San Diego Real Estate, Burnham Real Estate, Grubb Real Estate
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