Taconic Capital Adds Spreckels Building to its Roster
By: Lisa Brown
An $18-million loan was recently secured for the acquisition of the Spreckels Building, a 217,173-square-foot mixed-use office, retail and theater property in San Diego’s Gaslamp Quarter. A joint venture of New York-based Taconic Capital Advisors and Triangle Capital Group acquired the asset with plans to retain CBRE as the property’s manager. The six-story multi-tenant asset was built in 1912 and last renovated in 1982.
Thorofare Capital Inc., affiliate of alternative investment manager Thorofare LLC, funded the loan.
“This is an iconic asset in San Diego’s Gaslamp Quarter with striking physical characteristics, an easily walkable location and perfect layout for a variety of uses to drive demand during the next phase of its life,” says Felix Gutnikov, principal and head of originations at Thorofare. “Taconic and Triangle will strive to deliver a very unique project to the downtown San Diego market.”
The Spreckels Building was designated as one of San Diego’s historic sites in 1972 and placed on the National Register of Historic Places in 1975. The 1.08-acre site at 121 Broadway is near Horton Plaza.
Eric Sitman, director at Taconic Capital Advisors, led the acquisition effort. A Cushman & Wakefield team headed by Marc D. Renard marketed the property for sale and represented the seller, a family trust associated with Jacquelyn Littlefield. The buyer was self-represented.
The property is surrounded by more than 100 restaurants, bars and live entertainment venues. The location along Broadway Circle, a major thoroughfare through downtown, delivers a walk-score rating of 99, and is also near the Orange and Blue transit lines.