Union Bank has sold its Ocean Beach branch at 1858 Cable Street and four others, most in San Diego County. The OB branch was built in 1964, and has 5,379 square feet.
Included presumably in the sale is the large parking lot on the property. There is also an OB mural from a past Street Fair on its north side, but there is no word at this point about its fate.
The total package was $19.25 million; the buyers have not been identified.
Michael Peterson, Reg Kobzi and Joel Wilson of CBRE represented the bank in the transactions. Peterson stated:
“As banks continue to evaluate real estate on their balance sheets, it is important to analyze each asset individually. Each of these five bank branches had a different business plan and took strategic underwriting to attract a buyer who could deliver the highest and best use for the site.”
Peterson added that his firm expects “to see more opportunities like this in the market as banks and users evaluate next steps with their real estate, be it sale-leaseback or disposition.”
The branch locations:
- Ocean Beach, 1858 Cable St., built in 1964, 5,379 square feet.
- Near Rolando Village, 6010 El Cajon Blvd, 12,422 square feet.
- Lemon Grove, 3285 Lemon Grove Ave. built in 1975.
- Imperial Beach, 900 Palm Ave., built in 1996, 4,751 square feet.
- Brawley, Main and Third streets, 9,461 square feet.
News source: Times of San Diego
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I thought I saw a San Diego Magazine article a few weeks ago that identified the buyer of the OB location as a local coffee chain. It would be a shame though — that space is huge and we already have more coffee shops than we know what to do with. I’d love to see something like a small bowling alley or movie theater or another recreational use that OB is missing.