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Industrial Land Sells for Condo Development

SAN DIEGO-Stonecreek Homes Inc. pays $3.2 million for 15,000 sf of industrial land. The buy gives the San Diego-based developer 44,000 sf out of a possible 60,000-sf city block along 16th street.

By Daniel D. Williams | Updated on December 21, 2004

SAN DIEGO-Stonecreek Homes Inc. snapped up 15,000 sf of industrial land for $3.2 million. This latest acquisition gives the San Diego-based developer 44,000 sf of a possible 60,000-sf city block along 16th street. The parcel, located at 455 16th street, currently contains a 10,000-sf warehouse, home to Westmore Distribution Corp., but was acquired from the John Burden Trust as a development deal for Stonecreek Homes. “The plan is to scrape the site and build condominiums,” Josh Vasbinder, a broker with Grubb & Ellis/BRE Commercial, tells Globest.com. Vasbinder and Tim Winslow, also of Grubb & Ellis/BRE Commercial represented the seller in the deal. Ulysses Lepet of Century 21 represented the buyer.”(Stonecreek) paid $2.13 per sf on the deal. At the time of the sale, it was a high water mark in the East Village area.” With prices continuing to climb, however, he says there are deals in the works that “will blow that price out of the water.”According to Vasbinder, Stonecreek has plans to acquire the remaining 16,000 sf on the block before beginning the condo development. At buildout, the project would count 360,000 sf and more than 300 condo units. He says it will stand between 5-8 floors. It is one of the many projects Stonecreek, a San Diego builder, has in the pipeline. The deal is part of the major buildout of the East Village area of San Diego. “It’s significant as it’s at the outer edge of East Village,” says Vasbinder. “It’s a new frontier out there on 16th street. Twelve months ago, it wasn’t worth a quarter of that.”Vasbinder says to look for development to continue to grow in downtown San Diego. He says the CCDC is “currently in the process of revamping the general plan and are looking at a new overlay for downtown.” In the new plan, there will be more incentives for higher density and more vertical development. “This should all come to fruition by mid-2005.”

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