Iconic San Diego waterfront retail destination trades hands for $34.875M

ORANGE COUNTY, Calif., Aug. 27, 2025 –  JLL Capital Markets announced today that it has arranged the $34.875 millions sale and financing of The Headquarters, a 73,823-square-foot open-air shopping center located in the heart of San Diego's Marina District at the entrance to Seaport Village.

JLL represented the seller, a private real estate investment firm. The buyer was a private real estate partnership. JLL also arranged the acquisition financing in a competitive bid process on behalf of the buyer in this transaction.

The Headquarters is strategically positioned at 789 W Harbor Dr, at the intersection of West Harbor Dr. and Pacific Hwy., directly adjacent to the Manchester Grand Hyatt San Diego with 1,628 rooms and the largest conference facilities in the city. This prime waterfront location provides unmatched access to downtown San Diego's entertainment, dining and nightlife district, serving both local residents and the millions of visitors coming to downtown San Diego each year.

San Diego is the eighth largest city in the United States with a population of 3.3 million residents across its metropolitan area. The region's diverse economy is led by high-paying industries including defense and aerospace, life sciences, tourism and software and technology, making it home to one of the highest concentrations of STEM graduates in the nation.

The former San Diego Police Headquarters complex was completely repositioned in 2013, creating a one-of-a-kind dining, entertainment and retail environment. The property features an eclectic mix of destination food and beverage, daily needs and apparel tenants, currently operating at 83.3% occupancy with a weighted average lease term of 10 years. Notable tenants include Eddie V's, The Cheesecake Factory, Puesto, Galpão Gaucho Brazilian Steakhouse, Wedgewood Weddings and Starbucks.

The property is situated within the future Seaport Village redevelopment and across from the new 1.6 million square foot IQHQ life science and retail project, positioning it at the center of San Diego's most rapidly evolving trade area.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Gleb Lvovich and Geoff Tranchina and Managing Director Daniel Tyner. JLL’s Debt Advisory team consisted of Senior Managing Director Gregg Shapiro and Managing Director John Marshall.

"The sale of The Headquarters represents a rare opportunity to acquire a waterfront asset with upside potential in one of America's most desirable coastal markets," commented Lvovich. "The property's unique positioning as the gateway to downtown San Diego's premier entertainment district, combined with its authentic environment and strong tenant roster, made it highly attractive to investors seeking irreplaceable real estate."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.