SAN DIEGO – Cassidy Turley San Diego, the region’s market leader in commercial real estate services, today announced the sale of 2604 5th Avenue, 2642 5th Avenue and 406 Maple Street in Banker’s Hill for a total of $5 million.
Danny Fitzgerald, Michael Burton and Pasquale Ioele of Cassidy Turley represented the buyer, Graham Downes and BLOKHAUS Development, on behalf of MandarinHaus LP, in the transaction.
The three parcels total 35,000 square feet of land and include the historic Britt Scripps Inn, built in 1887, Mandarin House restaurant, and the 13-unit Evergreen Apartments. The properties have been purchased anticipating new contemporary mixed-use development.
“Urban revitalization and mixed-use development in older neighborhoods like those surrounding Balboa Park constitute one of the hottest opportunities in the market for the creation of well-designed hospitality, housing, retail servicing, and new community gathering places,” said Fitzgerald. “This type of development is San Diego’s future and this project’s goal is to become a centerpiece for Banker’s Hill and for the celebration of the Balboa Park Centennial in 2015.”
Bradford Perry and Lin Martin of PerryCRE represented the seller, Hattersley Group, LLC, in the transaction.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Cassidy Turley provides regional real estate services with local market leader Cassidy Turley San Diego. The company’s dominant market presence includes more than 160 professionals and staff in five local offices and recorded more than $1.2 billion in transactions in 2011. For more information about Cassidy Turley San Diego, please visit www.cassidyturley.com/sandiego or contact Dan Broderick, President and CEO of Cassidy Turley San Diego.
Development BLOKHAUS Development is engaged in urban real estate development. Economic advantage stems from value-add capitalization on the appreciation of land values as new metropolitan precincts emerge. Development projects involve innovative, contemporary solutions and may incorporate the adaptive re-use of existing industrial and commercial buildings, transforming depressed districts to vibrancy while reinforcing characteristic urban fabric. Examples of renewal projects include, Neuhaus and WonderHaus in East Village, Barriohaus in Barrio Logan and 2121-Haus in the East Tropicana area of Las Vegas. At one point, the company had over 4 acres of land under lease, management and/or development in East Downtown San Diego, and over 12 acres on the fringe of Downtown Las Vegas. For more information, please visit www.blokhausdevelopment.com.