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3/05/14
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A 20k sf parcel of land located in San Diego’s Bankers Hill neighborhood sold for $5.33 mil. The site is located at 2665 5th Ave, north of Laurel St and west of the San Diego Zoo.
The buyer, CR Fifth & Nutmeg, c/o Colrich, plans to develop an upscale mixed-use project on the site that will include 45 luxury condominiums and 7.5k sf of retail space. The seller was Nutmeg & Olive LLC, c/o The Cathedral Church of St. Paul.
Victor Krebs of Colliers International was involved in brokering the transaction. “We are seeing a trend that condominium developers are in the market for sites in high-end markets like Bankers Hill, Downtown and coastal markets like La Jolla,” notes Krebs.
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