San Diego, CA
CBRE Brokers $4.75 Million Sale of a Property in Bankers Hill
The urban infill property will be redeveloped
February 9, 2023
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CBRE arranged the $4.75 million sale of an urban infill redevelopment property in San Diego's Bankers Hill submarket. Located at 1905 – 1927 Fifth Avenue, the property consists of an 18,580-sq.-ft.-building on 0.33 acres.
Marc Frederick of CBRE in San Diego represented the seller, a private investor, in the transaction. The buyer, Liberty National Corporation, was represented by CBRE's Kevin Mulhern.
Liberty National Corporation purchased the property for future redevelopment. The existing office building will be demolished and replaced with multifamily housing.
"The development will contribute housing to the Bankers Hill and downtown areas close to employment and mass transit," said Mr. Mulhern. "This aligns with the City's goal to provide more choices for San Diego residents."
Minutes north of Interstate 5, the future development will be on the southwest corner of Fifth Avenue and Fir Street. The property's location provides easy access to downtown San Diego, Balboa Park and the San Diego International Airport.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.