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1/14/14
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Mission Beach Center, a 2.23-acre, former elementary school property in San Diego, was acquired for $18.5 mil as a redevelopment investment by McKellar McGowan LLC. The buyer plans to redevelop the now-vacant property as a residential project.
The site is located at 818 and 825 Santa Barbara Place, in the city’s Mission Beach neighborhood. The location, just a block from the bay and ocean, offers easy access to all the lifestyle amenities of Mission Beach, downtown San Diego and the employment centers throughout coastal San Diego County.
John Gross of Colliers International represented the buyer in the deal. The seller, San Diego Unified School District, had no representation.
“This is a very unique and rare coastal residential redevelopment site,” said Gross. “Residential values and strong occupancy levels are more consistent than the commercial real estate markets.”
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