SAN DIEGO – March 29, 2019 – Colliers International San Diego Region announces the sale of a two-story freestanding office building located at 3850 Fifth Avenue in San Diego’s Hillcrest neighborhood. The 13,253 square foot building sold for $4,800,000.
Marc Posthumus of Colliers International San Diego Region represented the seller, LuxView Properties. The sale is the latest result of a strong partnership for Posthumus and LuxView Properties, headed by principals Tim Barzal and Louis Scotti. The AIDS Healthcare Foundation acquired the property with plans to transform the building into a retail thrift store on the ground floor with a medical clinic above.
“With walkable amenities and its proximity to downtown, buildings in Hillcrest command a premium, particularly if they have on-site parking, like this building,” said Marc Posthumus, Vice President at Colliers International. “This property will prove a worthwhile investment for the AIDS Healthcare Foundation to introduce its retail thrift store and medical clinic concept.”
Recently, Posthumus represented LuxView in the sale of properties at 3855 Wabash Avenue in San Diego’s North Park neighborhood and 3338-3348 Kettner Boulevard in Downtown San Diego. The team, which largely focuses on the purchase, renovation and sale of properties in need of modern refreshes, is currently in the process of securing a buyer or lessee for a coastal office building located at 503 Vista Bella in Oceanside, CA.
About Colliers International Group
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.