Prologis Sells Iconic San Diego Asset

By Alex Ciorogar

Santa Fe Depot, 1050 Kettner Blvd. in San Diego

Prologis Inc. sold an iconic, 102-year-old property in downtown San Diego. The firm has been the sole owner of the property dating back to the original Santa Fe Railway Co., making this the first actual sale of the building. Serving as its new property manager, Voit Real Estate Services arranged the transaction of the local landmark known as Sante Fe Depot. Kipp Gstettenbauer and Ryan King of Voit’s Private Client Group—specializing in selling and leasing privately held assets in San Diego County— represented both the seller and the buyer.

“The sale is significant to the San Diego community and represents the seller’s deep commitment to preserving this landmark asset,” said Gstettenbauer, senior vice president of Voit Real Estate Services’ San Diego office, in prepared remarks. As its new owner, Santa Fe Depot LLC plans to preserve and maintain the building’s historical features. David Marshall and Carmen Pauli of Heritage Architecture & Planning were selected to lead the long-term preservation and restoration plans of the asset.

Mixed-Use Opportunities

The Santa Fe Depot is located at 1050 Kettner Blvd., in San Diego.

“This is a world class location in downtown San Diego, adjacent to the San Diego Harbor and various new waterfront developments and in walking distance to urban Class A office, retail, hotel and multifamily properties,” said Gstettenbauer. The property—a nationally registered historic site designed by architects Bakewell and Brown to reflect the colonial Spanish and Mission history of California—is a two-story, 30,661-square-foot building situated on three acres.

The building features retail, creative office and boutique hotel opportunities. Once serving as a hotel, the second floor is now vacant and there is 10,000 square feet adjacent to it that’s entitled for retail.  

“By working closely with the buyer and Heritage Architecture, we will be able to restore parts of the building that have gone unused for more than 50 years, while providing additional services in the station, expanding ridership for Amtrak and increasing the building’s historic value,” Gstettenbauer added.

Built only one year after the start of World War I, the Santa Fe Depot—home to Amtrak’s San Diego Union Station since 1920—still serves as an integrated logistics hub linking the San Diego Light Rail System with the Metropolitan Transit System and the Regional Bus System.

“Our entire team is deeply connected in the local San Diego market, and we are especially skilled in helping high-net-worth individuals and entities invest in unique buildings in this market,” Gstettenbauer concluded

Image courtesy of Voit Real Estate Services