CBRE negotiated the sale of Tenth & G, a 207-unit mixed-use residential community located within downtown San Diego in the ballpark district.
CBRE’s Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas represented the owner in selling the property to Lowe, a national real estate investment, development and management firm based in Los Angeles with a regional office in San Diego. Andrew Behrens and Jesse Weber, of CBRE’s Debt and Structured Finance practice, facilitated the loan on behalf of the buyer.
Tenth & G is an eight-story, concrete mid-rise that features a mix of studio, one- and two-bedroom floorplans, averaging 704 sq. ft. Built in 2008, the distinctive architectural features include floor-to-ceiling windows, generous ceiling heights, exposed concrete accents and expansive panoramic views of the city and bay. At the time of sale, the property featured original finishes and will benefit from a comprehensive interior renovation and repositioning of the common area amenities.
This transaction marks the fourth institutional core, core plus asset to trade in San Diego over the past year. Investors remain particularly interested in the downtown San Diego market, primarily driven by its live-work-play environment and position as San Diego’s top entertainment destination.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage serving, valuations); Building Operations & Experience (facilities management, property management, flex space & experience); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development).
