Bosa Development of Vancouver, B.C., has acquired the downtown San Diego office building at 1620 Fifth Ave. for $18.5 million, according to the seller, locally based Douglas Wilson Companies.
The nine-story, 80,651-square-foot property is 95 percent occupied, with tenants including the headquarters office of Douglas Wilson Cos., which has signage on all four sides of the building and plans to retain its presence there.
The property was built in 1985 by Robert F. Driver as headquarters for the Driver Insurance Co., and it includes a 212-space parking structure. It was 35 percent leased when it was acquired in 2010 by Douglas Wilson Cos., which renovated the building and added several new tenants.
The seller was represented by Thomas Olson and Alan Scott of Douglas Wilson Cos., and Doug Ceresia and Josh Buchholz of brokerage firm NAI San Diego. Bosa represented itself in the transaction.
Bosa Development, headed by Nat Bosa, has several holdings in the local region and developed downtown San Diego residential condominiums including Electra, The Grand and Bayside Towers. The company has a regional office in San Diego and is expected to begin work in 2015 on its next downtown residential project near Santa Fe Depot.
Founded in 1989, Douglas Wilson Cos. recently announced plans to develop a mixed-use office and hotel project in Arizona, and also acquired 50 acres in Spring Valley that are being entitled for multifamily and single-family residential development.