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Gaslamp Lofts Command $35M

SAN DIEGO-The Lofts at 777 Sixth Ave. in the Gaslamp District sell for $35 million. The property is approved for condominium conversion, with unit sales are set to begin this summer.

By Amanda Paxson | Updated on June 30, 2005

SAN DIEGO-Downtown San Diego may be seeing more condominiums with the sale of The Lofts at 777 Sixth Ave. A joint venture of Del Mar Pacific Group LLC and Loma Corp. has acquired the 103-unit property for $35.2 million, with a tentative map for condo conversion already approved.

J. Kevin Mulhern, Dick Schneider, Dixie Hall and Rachel Hemingway of CB Richard Ellis’ San Diego Central office represented both the seller and the buyer. The building was sold by San-Diego based OliverMcMillan, which is currently developing $150 million of urban loft projects in San Diego.

“The Downtown condo market continues to be very strong, especially for entry-level product in the $300,000 to $500,000 price range,” Mulhern tells Globest.com. “Most new developments are still being sold-out prior to actually being completed.”

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