$18M Buys Downtown Parcel

SAN DIEGO-GDG Partners LLC has purchased a site in the Core Neighborhood of Downtown with plans to develop a residential tower on the property.The parcel, which encompasses 50,000 sf, was listed on the market for “90 days, start to finish,” Tim Winslow of Grubb & Ellis/BRE Commercial tells GlobeSt.com. Winslow, along with Grubb & Ellis/BRE Commercial colleague Josh Vasbinder, acted on behalf of seller Alecta Pensions LLC in the recent transaction.

Located at 1250 9th Ave. and 810 B St., the 1.15-acre site takes up more than 83% of the block bounded by A and B streets to the north and south, and Eighth and Ninth avenues to the west and east. Currently used as a surface parking lot operated by ACE Parking Management, the parcel is zoned for approximately 600,000 sf of high-rise residential development. “In this neighborhood, there are two other projects going forward,” Winslow says. “Across the street from the site is a project called Vantage Point and Bosa owns a project going forward to the south,” he says, explaining that there are approximately 2,000 units planned for these three blocks. In the recent sale, buyer GDG Partners LLC was represented by Steven Nicoluzakis of Grubb and Ellis