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Bankers Hill lot acquired for redevelopment

A 20,000-square-foot parcel in the Bankers Hill neighborhood at 2665 Fifth Ave., San Diego 92103, has been sold for $5.33 million.

The buyer was CR Fifth & Nutmeg, c/o San Diego-based homebuilder ColRich Communities, 444 W. Beech St., Suite 300, San Diego 92101. California Bank & Trust provided a loan of $2.7 million.

The new ownership plans to develop an upscale mixed-use project including 45 luxury condominiums with 7,500 square feet of retail space.

The seller of the property (454-714-01 and 02) was Nutmeg and Olive LLC, with Jack Lentz as the manager, c/o The Cathedral Church of St. Paul. The church acquired the property in December 2000 for $497,500. At that time, the church entered into a purchase and sale agreement with Sare Investments LLC, Graeme Gabriel manager. That interest in the property was quitclaimed to the new ownership upon its acquisition.

Victor Krebs, of Colliers International, handled the transaction.

“The Bankers Hill market is seeing significant interest from developers looking for high-quality infill sites like Fifth & Nutmeg,” said Krebs, senior vice president of Colliers. “We are seeing a trend that condominium developers are in the market for sites in high-end markets like Bankers Hill, downtown and coastal markets like La Jolla.”

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