Two vacant Mission Valley office buildings have been sold for an undisclosed price to Fairfield Residential, which plans to raze the three-story buildings to make way for a luxury residential development.
Named The Heights at Fashion Valley, the project will have 319 apartments averaging 820 square feet in size on the 5.43 acre site at 6950, 7020 and 7050 Friars Road directly across the street from Fashion Valley mall.
Kevin Mulhern, Rachel Parsons and Laurie Lustig-Bower of the CBRE multifamily team represented the seller, Guardian Capital. Fairchild Residential represented itself.
“This fully entitled development site was a rare investment opportunity to build high-end residential in one of San Diego’s most dynamic infill markets,” said Parsons, first vice president of CBRE in San Diego. “Mission Valley’s multifamily population is also forecasted to increase by 6.1 percent over the next four years. The Heights is poised to deliver multifamily units at an opportune time as San Diego is experience outstanding apartment investment fundamentals with occupancy levels of 96.1 percent.”