Mixed-Use Buildings in Gaslamp Sold As Residential Demand Remains High Downtown

Two multi-family buildings with a mix of floor plans in the Gaslamp Quarter have been sold, a brokerage announced.

Pacific Urban Investors purchased Sixth & G and Seventh & G for an undisclosed sum. CBRE’s Rachel Parsons, Derrek Ostrzyzek, Mike Murphy, Chris Tresp and Kenji Thomas represented the seller in the deal.

According to Pacific Urban’s website, the firm focuses on investments that range from $40 million to $200 million, depending on whether they are identified as “core” or “vintage core” properties.

Both properties were completed in the late 2000s. Sixth & G features studio, one-, two- and three-bedroom floor plans, averaging 697 square feet.

Each of the interiors for the 106 units has floor-to-ceiling windows, hardwood-style flooring and washer and dryers, with a club room and an indoor/outdoor fitness center on site and 10,797 square feet of retail space, including Ace Hardware and Fig Tree Café.

Seventh & G, located on G Street between Seventh and Eighth avenues, features 145 units with live-work lofts, studios and one-, two- and three-bedrooms units, averaging 686 square feet. There is a courtyard sun deck, a fitness center and 6,490 square feet of retail space, with several restaurants – Neighborhood, Noble Experiment, Young Blood and Breakfast Republic.

Parsons, an executive vice president at CBRE said the buildings, “located only half (a) block apart, (provide) incredible synergies and a value-enhancement story.”

Attractions in downtown San Diego, along with the “strong retail absorption throughout” the area, she said, “provide for strong residential demand which ultimately positions this dynamic market for long-term success,” she said.