San Diego Business Journal Press Release - Little Italy Property Sold for $12.1M
Congratulations to Pacific Coast Commercial's Land Development & Investment Team Dave Dilday & Erik Anderson!
The trophy bay front asset, “The Marina Inn”, at 929 W
Grape Street has traded hands for the second
time in 10 months brokered again by Dave Dilday and Erik Anderson of
Pacific Coast Commercial. This sale represents the highest price per buildable square foot in Downtown San Diego history
($232.88/sf). The price per square foot of land was $931.54. Dilday and
Anderson of Pacific Coast Commercial handled the transaction on behalf of the
Seller in August of 2017 and most recently represented the Seller on the sale of
the property to an undisclosed overseas buyer. The lift in the land price from the previous sale stemmed from the removal of the existing long-term hotel lease that was held by the current Seller to allow for development. The buyer plans on developing the property into class-A, luxury apartments or condominiums. Dilday stated, “this property offered an opportunity to capitalize on the red hot Little Italy market and build luxury living space on one of Southern California’s most attractive bay front sites.
The site offers unobstructed views of the San Diego Bay and sits directly in front of the Waterfront Park in the heart of vibrant Little Italy. The Seller was able to create significant resale value by closing down The Marina Inn.” The sale in 2017 was recognized by San Diego Business Journal as a finalist for, “Best Real Estate Deals of 2018”.
Contact Dave Dilday and Erik Anderson for your Land Development & Investment Sale needs.
SDBJ Release
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