A San Diego entity recorded as Santa Fe Depot LLC has acquired the landmark downtown train station for an undisclosed price, according to brokerage firm Voit Real Estate Services.
The property at 1050 Kettner Blvd. was sold by San Francisco-based Prologis Inc., a real estate investment trust focused on logistics-related commercial properties. Voit’s Kipp Gstettenbauer and Ryan King represented the buyer and seller.
“This building is one of the most historically important assets in all of San Diego,” Gstettenbauer said in a Voit statement. “The sale is significant to the San Diego community, and represents the seller’s deep commitment to preserving this landmark asset."
The downtown station was built in 1915 and has been home to Amtrak’s San Diego Union Station since 1920. Brokers said Prologis owned the asset by way of a series of mergers involving firms dating back to the original Santa Fe Railway Co., making this the first actual sale of the property to a new owner.
Gstettenbauer said the property garnered “multiple strong offers from around the globe.”
Santa Fe Depot is a nationally registered historic site and was designed by its original architects Bakewell & Brown to reflect the colonial Spanish and Mission history of California. The two-story building is situated on 3.78 acres and currently serves as an integrated hub for Amtrak’s main rail and Coaster services, with links to San Diego’s trolley and bus systems.
Voit officials were unable to elaborate on the purchase price or the individual buyers within the limited liability company that purchased the depot. Voit will oversee management of the property on behalf of the buying entity, and has retained David Marshall and Carmen Pauli of Heritage Architecture & Planning to oversee long-term preservation and restoration of the property.
Brokers said the property has a vacant second floor that once served as a hotel, and approximately 10,000 square feet of adjacent space that is already entitled for retail. The building in the future could have new retail and creative office offerings, and possibly a boutique hotel.
“There is an opportunity to revitalize this incredible property while adhering closely to its intrinsic value and historic importance,” Gstettenbauer said.
According to a California state filing, buyer Santa Fe Depot LLC is a limited liability company registered on Sept. 22 and managed by Alex Bankim Shah.