Cyrus and Emilia Investments Acquire Lincoln Hotel in San Diego's Gaslamp Quarter for $2.55 Million
Urban Property Group brokers the sale of the mixed-use Lincoln Hotel to Cyrus and Emilia Investments, who plan to renovate the affordable housing portion of the building.
In a significant deal in San Diego’s commercial real estate market, the Lincoln Hotel, a mixed-use building in the Gaslamp Quarter, has been sold for $2.55 million. The sale was brokered by Urban Property Group (UPG), with Bill Shrader representing the firm.
The Lincoln Hotel, located at 534-536 5th Ave., is a prominent property in the heart of the Gaslamp Quarter. The building features the popular El Cabron Restaurant on the ground floor, known for its vibrant atmosphere and delicious cuisine. Above the restaurant, there are 41 affordable housing units, providing much-needed housing options in the city.
The buyer of the Lincoln Hotel is Cyrus and Emilia Investments, a well-known real estate investment firm with a strong presence in the San Diego market. Cyrus and Emilia Investments have a reputation for acquiring properties with potential for value-add opportunities, and their acquisition of the Lincoln Hotel aligns with their investment strategy.
The primary focus of Cyrus and Emilia Investments’ renovation plans for the Lincoln Hotel is the affordable housing portion of the building. With the increasing demand for affordable housing in San Diego, the firm aims to enhance the living conditions and amenities for the residents of these units. This commitment to improving affordable housing aligns with the city’s goals of addressing the housing crisis.
Bill Shrader, the broker from Urban Property Group, played a crucial role in facilitating the sale of the Lincoln Hotel. With his extensive knowledge of the San Diego market and expertise in commercial real estate transactions, Shrader was able to negotiate a favorable deal for both the buyer and the seller.
The sale of the Lincoln Hotel highlights the continued interest in mixed-use properties in San Diego. The Gaslamp Quarter, known for its vibrant nightlife and entertainment scene, attracts both locals and tourists alike. The presence of El Cabron Restaurant on the ground floor adds to the property’s appeal, as it is a popular dining destination in the area.
Furthermore, the inclusion of affordable housing units in the building addresses the pressing need for affordable housing options in San Diego. The city has been grappling with a housing crisis, and the renovation plans by Cyrus and Emilia Investments will contribute to improving the living conditions for the residents of these units.
Overall, the sale of the Lincoln Hotel to Cyrus and Emilia Investments represents a significant transaction in San Diego’s commercial real estate market. The buyer’s commitment to renovating the affordable housing portion of the building aligns with the city’s goals, and the property’s prime location in the Gaslamp Quarter adds to its value. As the market continues to evolve, it will be interesting to see the impact of this acquisition on the local real estate landscape.