CBRE announced the sale of The Heights at Fashion Valley, a luxury residential development site in San Diego’s submarket of Mission Valley for an undisclosed price.
Kevin Mulhern, Rachel Parsons and Laurie Lustig-Bower of the CBRE Multifamily team represented the local seller, Guardian Capital and the buyer, Fairfield Residential, represented themselves.
Located at 6950,7020,7050 Friars Road, the 319-unit complex will be situated on 5.43 acres and is directly across the street from Fashion Valley mall. Currently there are two three-story vacant office buildings on the property that will be demolished.
“This fully entitled development site was a rare investment opportunity to build high-end residential in one of San Diego’s most dynamic infill markets,” said Rachel Parsons, first vice president of CBRE in San Diego. “Mission Valleys population is also forecasted to increase by 6.1 percent over the next four years. The Heights is poised to deliver multifamily units at an opportune time as San Diego is experiencing outstanding apartment investment fundaments with occupancy levels of 96.1 percent.”
The Heights is within a 10-mile radius of 810,444 jobs, representing 56 percent of San Diego County’s total workforce. Mission Valley has 5.5 million square feet of office space and 1.8 million square feet of industrial space, with major employers Booz Allen Hamilton, Inc., Wawanesa Insurance Company and Aetna Inc. The Trolley light rail Green Line station is a short walk from the property and connects Mission Valley to downtown San Diego. Nearby Interstates 8, 5, 15, and 805 provide immediate transportation linkage to Greater San Diego, Orange County, Los Angeles and beyond.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.