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7/01/21
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Kilroy Realty Corporation acquired a 1.3-acre land development site in downtown San Diego for $42 mil. Kilroy plans to develop up to 275k sf of Class A office space on the full city block site, located at 2045 Pacific Highway in San Diego’s Little Italy neighborhood.
Consisting of four parcels totaling approximately 1.3 acres, the site is situated within walking distance to numerous nearby amenities and the San Diego Bay. Kilroy’s new office development will also include panoramic water views.
Kevin Nolen, Mike Novkov, Tim Winslow and Jason Kimmel with Cushman & Wakefield represented the seller, Pacifica Companies, in the transaction.
“This was a rare opportunity for an investor/developer to acquire an extremely well-located piece of property just off the waterfront in downtown San Diego,” said Nolen. “In the last 15 years, there has been very limited new spec office deliveries specific to Little Italy, and Kilroy’s plans for this site will be a great and needed addition to the Class A inventory. The plans for this site also speak to the optimism to fulfill the need for office demand in this area looking ahead.”
Mike Novkov added, “This will be a coveted project given that Little Italy and the Downtown San Diego Waterfront is a limited and rare opportunity for developers to construct some of the city’s best-in-class office and life science projects due to the lack of available developable sites on Pacific Highway with scale. Tech and the life science industries have been dominating the leasing activity throughout the County, which has largely been concentrated in first-class, new office/life science developments at peak market rents.”
Kilroy pointed out that the project will enhance the company’s position in the downtown area by providing flexibility and scale for large and growing tenants at its newly constructed 220k sf 2100 Kettner development that is located directly adjacent to the 2045 Pacific Highway site.
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