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SAN DIEGO NEWS
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Chelsea Investment Corporation Buys Four-Acre San Diego Property

4/25/16

A four-acre property in San Diego that currently includes a 16.8k sf retail center sold for $6.575 mil. The property, located at 7811 Mission Gorge Road, east of I-15 and north of I-8, was purchased as a redevelopment opportunity.

The buyer, Chelsea Investment Corporation, is a Carlsbad-based developer of affordable housing that has built more than 8,100 apartments since its founding in 1984. The buyer plans to redevelop the Mission Gorge property into a 90-unit affordable housing community. Construction is slated to begin during Q4 2016.

Victor Krebs of Colliers International represented the buyer and the seller, HM Coleman Inc, in the transaction. According to Krebs, infill development sites of this size are highly sought after by residential developers because they offer good scale for townhome or apartment projects.





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