Mark Marquez, Broker with Pacific Sotheby’s International Realty Co-Represents Seller in Highest San Diego Land Sale YTD.
A 22-acre site located in the Mission Valley area of San Diego sold for $48,638,200 — the highest land sale year to date recorded in the San Diego County MLS. The listing was led by Mark Marquez of Pacific Sotheby’s International Realty in cooperation with Kevin Nolen, Tim Winslow, and Jason Kimmel, of Cushman & Wakefield.
“I’ve had the privilege of working with the sellers, two private families with long-time ties to the area, in several residential transactions over the past two decades, and it was an honor to represent them in this significant sale, the sellers have been working on entitling this project over the past twelve years,” says Marquez.
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 features relaxing mountain views and is convenient for recreational activities, including the adjacent Admiral Baker Golf Course, San Diego River, and Mission Trails.
Purchased by G.H. Palmer Associates, a housing developer based in Los Angeles who has been looking for an opportunity to enter the San Diego real estate market. Grading and land development work at the site is slated for May 2020 with vertical construction beginning March 2021 with the scheduled completion of apartments in the summer of 2023. Plans include studios, one-bedroom, and two-bedroom units at the site. Amenities will include pools, gyms, and a business center.
“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,” adds Marquez. “Through our expertise in the community zoning process and leveraging our client relationships, Pacific Sotheby’s International Realty along with our “Best in Class” strategic partners remain committed to being a part of bringing more housing to this growing area.”