June 16, 2004
San Diego, CA — A 68-unit residential project located at the southwest corner of 9th Avenue and G Street in the Coty of San Diego, County of San Diego 92101, has been sold for $4,200,000 cash.
The buyer was Centex Homes Inc., (NYSE;CTX) a Nevada Corporation locally based in Carlsbad. Their local office in Carlsbad oversees ten active projects within San Diego County and several proposed developments.
The seller of the property was Intracorp-San Diego LLC, a Washington Limited Liability Corporation with Keith Fernandez as President.
Intracorp-San Diego acquired the 15,000 square foot commercial property in the highly desirable "Ballpark District" approximately 1 year ago and immediately began planning a mid-rise residential project. Upon receiving CCDC approvals in May 2004, Intracorp decided to sell the project to Centex Homes in order to concentrate on other opportunities in and around the San Diego area.
Intracorp received approvals for 68 units, designed as an 8 story tower over two levels of subterranean parking. The project consists of three floorplans with studio, 1, and 2 bedroom units ranging in size from approximately 450 to 1,000 square feet. There will also be approximately 3,000 square feet of retail space included in the project for future use. Pricing for the units is currently unavailable. Construction is anticipated to begin in April/May 2005, with pre-sale units available in early 2005.
GW Realty Co. specializes in real estate brokerage and valuation consulting with an emphasis in residential land throughout Southern California, and has over $1.5 billion in transactions since 1993. A non-traditional real estate firm, GW Realty Co. concentrates their efforts on key relationships with a select group of clients and properties. Due to the decreasing supply of available development properties, GW Realty Co. is continually searching for and finding development opportunities 'flying below the radar'.
Both parties were represented by Michael Cooper of GW Realty Company. For additional information contact Michael Cooper at (858) 622-7171 or via email at michael@dirtdeals.com.