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Bosa Buys Downtown Retail Building for $27 Million

Bosa Development Corp. has purchased a downtown San Diego retail building for $27 million, the latest of at least five separate downtown property acquisition deals made by the Vancouver, B.C-based company since December, totaling $132.2 million.

According to CoStar Group and public data, Bosa acquired the 18,056-square-foot retail property at 1002 Market St. in East Village, which currently houses Grocery Outlet. The property, built in 1986 and renovated in 2008, was sold by Zephyr Partners of Encinitas.

That deal, which closed on March 1, followed closely behind Bosa’s late February purchase of a four-building downtown commercial portfolio in East Village for $10.5 million, from Cove & Sea Realty of Palm Desert. The buildings total 24,352 square feet and included a 1920-built office property at 1009 G St., a 1920-built manufacturing property at 1015 G. St., an auto repair building at 1055 G St. and a 12-unit apartment building at 650 11th Ave.

Those acquisitions followed Bosa’s February purchase of downtown’s Five Thirty B office tower for $53.2 million; its December acquisition of a downtown Shell station property for $8.5 million; and its December purchase of Zephyr Partners’ full-block site for a planned mixed-use development known as The Block, for $33 million.

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Bosa Development, led by President Nat Bosa, has built several high-rise residential condominium projects in downtown San Diego. It is currently at work on Pacific Gate, a 41-story luxury condo tower under construction near the intersection of Broadway and Pacific Highway, with plans in the works for a similar-sized tower at a nearby site.

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