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1/22/15
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A 36.3k sf residential infill site in San Diego sold for $12.15 mil ($335/sf). The site, located at 2850 6th Ave, on the west side of Hwy 163 and Balboa Park, will be used by the buyer for the development of a mixed-used, high-rise project slated to contain 64 condos and 4.3k sf of retail space.
The property has direct frontage along Balboa Park and will also offer unobstructed views of San Diego Bay and Coronado on the west side of the building. We’re told the property was one of the last large sites by Balboa Park and was fully entitled at closing.
The seller was Park Equity LLC, c/o 3D Investments, and the buyer was LLJ Zephyr BH LLC, c/o Zephyr Partners. Victor Krebs of Colliers International brokered the transaction. Krebs also handled the sale of 2665 5th Ave in Bankers Hill last year, which is under construction for 45 high-end condominiums with 7.5k sf of retail space.
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