SAN DIEGO – On behalf of Lowe and LaSalle Investment Management, JLL Capital Markets announced today that it has closed the $106 million (about $359,322 per square foot) sale of IDEA1, a 295-unit, award-winning, Class A, mid-rise multi-housing community, to Fairfield. IDEA1 embodies the live-work-create environment in the East Village neighborhood of downtown San Diego.
Built in 2017 by Lowe, LaSalle and I.D.E.A. Partners, IDEA1 is the modern expression of the mixed-use real estate model, designed to complement and enhance the surrounding urban district. 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. Community amenities include a glass IDEA Box that serves as a business center, co-working space and conference room that can transform into a giant screen for movies and concerts in the courtyard, along with a rooftop clubroom, a sundeck with outdoor barbecues and firepits, a rooftop spa, a 24-hour fitness center, the HUB flexible event space, on-site restaurants and an art gallery. The property also offers 5,533 square feet of retail space and 7,717 square feet of office space, as well as a five-story mural. Additionally, various organizations and publications have recognized and awarded IDEA1’s construction, architecture and design.
Located at 895 Park Blvd., IDEA1 offers residents convenient walkability to a wealth of retail, dining and entertainment options. The property is proximate to various job clusters within downtown San Diego, Mission Valley, Kearney Mesa, UTC and Sorrento Mesa. Santa Fe Depot, the third busiest train station in California, is just an 11-minute trolley ride from IDEA1 and provides residents with Amtrak and COASTER rail service throughout San Diego and regional access to Orange County and Los Angeles. IDEA1 is less than a five-minute drive from both the I-5 and I-163 freeways, San Diego’s key north-south and east-west arteries, and a ten-minute drive from San Diego International Airport. Additionally, the property is close to Balboa Park, the nation’s largest cultural park and home of the San Diego Zoo, and East Village Green, a 4.1-acre urban park development.
“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.
“We are pleased to have represented both Lowe and LaSalle in this sale,” Miramontes added. “With its acquisition of IDEA1, Fairfield is gaining a unique and valuable asset in the growing east village neighborhood.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
