In a move that highlights growing interest in San Diego’s premium commercial real estate market, Colorado-based NorthStar Homes has acquired the Canon Street Marina Center in Point Loma Village for $8.2 million.
The transaction, which closed on March 25, includes the retail and office center at 2810-2832 Cañon Street along with two adjacent properties at 1101-1111 Scott Street. At the time of sale, the property was fully leased to nine tenants, according to industry reports.
Situated just one block from San Diego Bay and near the San Diego Yacht Club, the Canon Street Marina Center benefits from high visibility and foot traffic in one of the city’s most desirable neighborhoods. Industry reports note that the property’s waterfront-adjacent location significantly enhances its value proposition for investors seeking stable, high-performing assets.
This acquisition marks the first change in ownership since the property was built, making it a rare opportunity in the competitive San Diego market. Kyle Clark, senior director at Intersection CRE, represented the seller, Canon Street Properties, while Joe Virgilio of Strom Commercial represented NorthStar Homes in the transaction.
For NorthStar Homes, primarily known as a modular home manufacturer that bills itself as “the nation’s largest modular homes manufacturer,” this acquisition represents a notable diversification of their investment portfolio. The Colorado-based, family-owned company appears to be expanding beyond its manufacturing roots into commercial real estate holding.
Industry analysts suggest NorthStar intends to hold the property as a long-term investment, likely recognizing the value of stable income-producing assets in premium markets. The company may evaluate and renegotiate below-market leases to optimize the property’s financial performance.
