San Diego-based commercial real estate developer OliverMcMillan is listing The Lofts Portfolio, consisting of three downtown San Diego residential properties, for sale.
OliverMcMillan selected the San Diego office of CBRE (NYSE: CBG) to market The Lofts Portfolio that is being offered unpriced.
The three assets include a total of 460 residential rental units that are 95 percent occupied plus approximately 23,000 square feet of ground floor retail space.
The Lofts at 655 is located at Sixth Avenue and G Street at the edge of downtown San Diego's Gaslamp Quarter. The property has 106 residential units and features floor-to-ceiling windows in all floor plans offering panoramic skyline views, two outdoor socializing decks, a fitness center, business center and movie theatre. First-floor retailers include gourmet burger restaurant and bar The Counter, and downtown’s only hardware store, ACE Hardware.
Located at Seventh Avenue and G Street, The Lofts at 677 offers an outdoor gas fire pit, a private beach cabana area, ironwood sundeck with two gas barbeque grills and a top-floor fitness center with direct views into Petco Park.
The Lofts at 677 features 147 loft living spaces with two ground-floor restaurant, including Neighborhood and Zanzibar Café.
The property received the Gold Nugget Merit Award for Best Attached Urban Residential Project of the Year at the 2007 Pacific Coast Builders Conference.
The Lofts at 707 is located at Tenth Avenue and G Street, and includes 207 residential units.
The property has a rooftop deck offering panoramic downtown skyline views, a courtyard with a fire pit and outdoor seating, a movie theatre, fitness center, and business center.
The Lofts Portfolio is being marketed exclusively by the CBRE San Diego multifamily team of Kevin Mulhern, Rachel Parsons and Dixie Hall. According to Mulhern, OliverMcMillan's attention to The Lofts’ design details created sophisticated mixed-use properties.
“These assets were developed with significant architectural integrity and have substantial brand recognition,” Mulhern said. “The Lofts Portfolio will provide any new owner with an immediate presence in a core market with high barriers for entry.”
OliverMcMillan has been responsible for a number of landmark developments in the downtown San Diego area.
The company initiated the first major redevelopment of Hillcrest with the transformation of a 14-acre, former Sears site into a pedestrian-oriented mixed-use retail center and residential development called Uptown District.
Shortly thereafter, the development of Village Hillcrest further ignited urban redevelopment in the heart of Hillcrest with a mixed-use center that added a rehab hospital, theatres, restaurants, a 24-hour gym and office space.
OliverMcMillan was also one of the first developers to see the potential of downtown San Diego.
Signature projects include the Pacific Gaslamp Theatres, the former Borders bookstore, Ralphs grocery store, Buca di Beppo, and Horton 4th Avenue Apartments, one of the first loft projects in the downtown area.
The company also developed Aloft on Cortez Hill, a five-story, mid-rise with 168 residences.