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10/29/19
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A GH Palmer Associates affiliate has acquired four parcels of land totaling 22.69 acres in San Diego’s Mission Gorge area. The property is entitled for the development of 996 new residential units. Entitlements also call for 37.5k sf of commercial/office/retail space, and open space with approximately 5.30 acres of neighborhood parks. The property is currently utilized for light industrial businesses.
The property, located at 6910 Mission Gorge Rd, was sold by two private families with long time ties to the area. The site provides great accessibility positioned near the junction of Interstates 15 and 8, and Interstate 805, with the Mission San Diego Station just two miles away. Additionally, the property offers mountain views and is convenient to recreational activities including the adjacent Admiral Baker Golf Course, San Diego River and Mission Trails.
Kevin Nolen, Tim Winslow and Jason Kimmel with Cushman & Wakefield, together with Mark Marquez of Pacific Sotheby’s International Realty, represented the seller in the deal. The buyer was Palmer Mission Gorge Properties LP.
“This was an extremely complicated transaction,” said Kevin Nolen. “The property received entitlements in 2012 but had been making slow progress to perfect those entitlements and permits. Due to infrastructure improvements required by the entitlement as well as existing utility easement obligations, various agreements had to be secured with a half-dozen neighboring ownerships.”
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