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7/23/15
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An affiliate of Beverly Hills-based Maxxam Enterprises recently acquired The William Penn Building, a mixed-use property in the heart of San Diego’s Gaslamp Quarter, for $10.2 mil. The building is situated on a 5k sf site on the corner of 5th Ave and F St.
Originally constructed in 1913 with extensive renovations in 1999-2001, the William Penn contains 14k sf of residential space in 18 units. There are also two retail units totaling 10.8k sf of prime commercial space with Maloney’s Tavern as the anchor tenant. The building is designated as historical on the San Diego Register and the National Register of Historic Places.
The residential units feature nine-foot ceilings, accent walls, skylights, custom blinds, dishwasher, microwave and each unit is equipped with high speed internet access and cable. The majority of the residential units are furnished with premium grade furniture.
Jim Neil, Eric Comer and Merrick Matricardi of the CBRE Multifamily team represented the seller, Penn LLC, with Gregg Seaman of Viewpoint Equities as the managing member. The buyer repped itself in the deal.
“Due to the stunning architecture and heart of Gaslamp address, the William Penn attracted over a dozen strong offers even with the corner retail vacant, which had previously been occupied by Starbucks. The residential units were 100% occupied at time of sale,” says Comer.
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