Cushman & Wakefield Co-Represents Seller in Transaction in Mission Gorge
SAN DIEGO, Calif., October 28, 2019 – Cushman & Wakefield announced today the firm has co-advised the sale of 22.69 acres of land in Mission Gorge (San Diego), California acquired by Palmer Mission Gorge Properties LP, an affiliate of GH Palmer Associates of Beverly Hills, California. Located at 6910 Mission Gorge Rd., the property consists of four parcels collectively entitled for the development of 996 new residential units. Entitlements also call for 37,500 square feet 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 sellers were two private families with long time ties to the area, represented in the transaction by Kevin Nolen, Tim Winslow and Jason Kimmel, a team of local land and multifamily specialists with Cushman & Wakefield, together with Mark Marquez of Pacific Sotheby’s International Realty.
“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.”
He continued, “With entitlements fully in place, this property offered an exceptional opportunity for the developer to have the ability to save time and maximize efficiency. Our knowledge of which developers are actively pursuing sites in order to build significant new housing projects helped us in the process of attracting the right buyer for this large and complicated development site. The property will continue to transform the Mission Gorge area and improve the San Diego River with parks and trails for the general public.”
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 features relaxing mountain views and is convenient to recreational activities including the adjacent Admiral Baker Golf Course, San Diego River and Mission Trails. The Kaiser Medical Center is also just a few blocks away, while the Fashion Valley and Mission Valley malls and San Diego State University are also proximate.
Steven G. Fink, Chief Investment Officer of GH Palmer Associates, said, “We’ve long awaited the right opportunity to develop in San Diego. This Mission Valley acquisition gives us the opportunity to bring resort-style living to the community, making every day at home feel like a vacation. State of the art amenities with easy access to major hubs of employment, transportation and education, as well as close proximity to shopping and world class recreation will make this new project a welcome addition to the Mission Valley community.” He added, “The local economy remains strong and we will continue to seek opportunities to expand throughout San Diego.”
“Mission Valley is experiencing a renaissance of development in the current cycle. Residential developers have led the path back into Mission Valley, with office developers watching the type of residents in the area who may also want to work nearby,” says Mark Marquez. “Through our expertise in the community zoning process, as services providers with Pacific Sotheby’s International Realty and Cushman & Wakefield in San Diego, we remain committed to being part of bringing more housing to this under-served region.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.