Downtown’s IDEA1 Multi-Use Project Sold for $106M
Lowe, alongside LaSalle Investment Management, and I.D.E.A. Partners built a 295-unit, multi-use project that exemplified the meaning of mixed use, as the entity blended and enhanced the surrounding community in downtown San Diego.
That property, called IDEA1, has sold to Fairfield for $106 million. JLL Capital Markets represented the sellers in the deal.
Located at 895 Park Blvd., IDEA1 offers residents convenient walkability to a wealth of retail, dining and entertainment options. The mid-rise, six-story complex offers a mix of studios, one- and two-bedroom units with 12-foot ceilings, dual-pane vinyl windows, full-size washers and dryers, stainless steel appliances, quartz countertops and an average size of 739 square feet.
“IDEA1 captures the atmosphere of innovation, design, education and art that defines San Diego’s East Village” said Lowe Executive Vice President Mike McNerney. “This development set the tone and standard for the creative, diverse quality projects that followed.”
The JLL Capital Markets Sales and Advisory team representing the seller was led by Managing Director Darcy Miramontes and Director Kip Malo.