GSN Roundup: Global Mutual Eyes Double for San Diego Site

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Real Estate Alert 1.06.26 
Global Mutual Eyes Double for San Diego Site

A developer is shopping a fully entitled development site in San Diego for double what it paid for the land last year.

The nearly 13-acre parcel, dubbed Costa Verde, has an estimated value of $240 million to $300 million, with the variation reflecting potential deal structures. Seller Global Mutual is open to options, including a recapitalization or an outright sale.

The firm spent last year securing all necessary approvals and zoning under San Diego’s densest residential mixed-use designation to build 3.8 million sq ft of commercial space. Now it’s tapped Newmark to market the property. Global Mutual bought the land, then a retail complex known as Costa Verde Center, in February 2025 for $124 million. The seller, Alexandria Real Estate Equities, paid $125 million for it in 2022 with plans for a conversion to life-science space. But that evidently was scuttled by a pullback in that sector.

Rather than submitting a fixed site plan, Global Mutual pursued flexible entitlements that allow phased construction across a range of residential, office, retail and hospitality uses. As such, a new owner would have latitude in deciding how and when to build out the project, according to marketing materials.

The size of the development reflects an allowable floor-area ratio of up to seven times the land, with approvals in place for up to 2,738 residential units, or 218 units/acre. Based on the pricing guidance and maximum permitted density, the offering implies a land value of approximately $78 per buildable sq ft, according to marketing materials.

The pitch envisions a pedestrian-oriented urban district spanning multiple blocks with internal streets, plazas and a retail main street. The residential components, meanwhile, could include for-sale units and rentals. Marketing materials note that the for-sale residential portions of comparable mixed-use projects in Southern California have fetched an average of $2,500/sq ft, with some exceeding $3,000/sq ft.

Residential space in the surrounding University Town Center district, also known as La Jolla UTC, has maintained an average occupancy level of more than 95% over the past 10 years. Only 1,080 multifamily units have been delivered locally over that time frame, with no significant construction currently underway.

Global Mutual already has submitted demolition permits, with the project expected to be shovel-ready 14 months after demolition. The property’s address is 8670 Genesee Avenue.

The site fronts a trolley station and is near Interstate 5, Interstate 805 and State Road 52. The Westfield UTC retail center is across the street. The parcel also is near the University of

California’s San Diego campus, within San Diego’s primary life-science, technology and healthcare hub. Portions of the site have unobstructed ocean views.