Major Hillcrest retail property sold
Location Matters announced the recent sale of 3930-3940 and 3946- 3964 Fifth Ave. in Hillcrest for $13,330,000. Situated between University Avenue and Washington Street, this prominent property is 28,528 square feet and sits on four parcels amounting to a 32,839-square-foot lot. At the time of sale, the property was occupied by three restaurant tenants: Snooze American Eatery, Lemonade, and India Palace and has seven fully leased residential units on the second level. Dating back to 1976, this property has been owned by three local families, including the asset manager, Carleton Management, Inc. The property was purchased by Paragon Real Estate Investments.
$43M loan for seven-story mixed-use development in Hillcrest
CBRE’s Capital Markets’ Debt & Structured Finance team in San Diego has arranged a $43 million construction loan for the development of Hillcrest 111, a seven-story mixed-use property.
CBRE’s San Diego office arranged the construction loan with a 3-year initial term, on behalf of the borrower, a joint venture between Greystar and Cigna Investments Management.
Located at 635 Robinson Ave., Hillcrest 111 will be comprised of 111 residential units, including nine low-income apartments, and 3,200 square feet of retail space on the ground floor. The structure will also include three levels of subterranean parking for residents and the retail businesses. Community amenities include a fitness center, clubroom and a rooftop deck with a spa, grills, bar and cabanas.
The development of a state-of-the-art multifamily community like Hillcrest 111 is extremely rare in Hillcrest, a neighborhood that has not seen new construction of this scale in nearly a decade. Of the 19,000 multifamily units in the 92103 ZIP code, only 176, or 0.9%, were built in the last eight years, according to CBRE research.