Following a successful renovation and lease-up, Douglas Wilson Companies (“DWC”) has sold its downtown San Diego headquarters building at 1620 Fifth Ave. to Bosa Development for $18.5 million.
Thomas Olson and Alan Scott of Douglas Wilson Companies and Doug Ceresia and Josh Buchholz of NAI San Diego represented the sellers and Bosa represented itself.
Currently 95 percent occupied, the 80,651-square-foot, nine-story office building includes a six-level parking structure with 212 spaces. Bounded by Fourth, Fifth and Cedar streets, this landmark location is adjacent to Interstate 5 and offers upper-floor views of San Diego Harbor and Balboa Park.
Built in 1985 by Robert F. Driver as headquarters for the Driver Insurance Co., it was only 35 percent leased when Douglas Wilson Companies purchased it in 2010, said Nicholas Wilson, the company’s Managing Director. DWC, which has building-top signage, will retain its space there.
“Through proactive management and a handful of key, well-timed decisions, DWC was able to successfully reposition this asset and lease it up to its current 95% occupancy” said Alan Scott, managing director of DWC’s brokerage division. “While DWC’s brokerage team is often thought of for its work on distressed sales in the judicial context, we have executed a considerable amount of high-profile, complex transactions of performing assets across a diverse range of asset classes – office, multifamily, retail, land, quarries, etc.”
Vancouver, Canada-based Bosa Development, which has offices in San Diego and San Francisco, will add 1620 Fifth Avenue to its income-producing portfolio. Headed by Nat Bosa, the commercial and luxury residential development firm is known locally for its high-rise condominiums. From the 43-story Electra, one of San Diego’s tallest residential structures in the Marina District to The Grand and Bayside Towers overlooking the North Embarcadero, its projects have made an impact on San Diego’s skyline. Bosa Development is expected to begin construction in 2015 on what is known as Parcel 9 at southeast corner of Broadway and Pacific Highway adjacent to the Santa Fe Depot.
“DWC’s in-house resources and marketing process sets us apart from other brokerage firms” said Tom Olson, managing director of DWC’s brokerage team. “We create a customized marketing plan for every asset we sell, and we consistently generate multiple offers from qualified buyers – 1620 Fifth Avenue was no exception.”
DWC’s planned office and hotel project in Tempe, Ariz. was recently featured in the Business Real Estate Weekly of Arizona (BREW).
Tempe – The red hot market in Tempe is getting even hotter as new hotel and office towers are planned on Mill Avenue alongside the landmark Monti’s La Casa Vieja restaurant. The $150 + million office-hotel project is targeted for a 2.5-acre site located at the southwest corner of Mill Avenue and Rio Salado Parkway. The development is planned by a venture formed by Douglas Wilson Cos. in San Diego, Calif. (Douglas Wilson, chairman) and Phelps Development LLC, a subsidiary of Hensel Phelps in Greeley, Colo. (Jeff Wenaas, pres.). A portion of the Monti’s restaurant, called Hayden House, will be preserved in the development.
Click here to view the full story on BREW’s website.
Douglas Wilson, Chairman and CEO of Douglas Wilson Companies (DWC), recently participated in Circulate San Diego’s (CirculateSD) panel discussion on Transit Oriented Development (TOD). The summit brought together elected officials, public sector leaders and a diverse mix of private sector land use professionals to explore what is necessary to create high-quality, financially feasible TOD projects.