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3/19/20
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A three-story, 7.5k sf commercial building in Downtown San Diego’s Gaslamp District sold for $1.85 mil, or $247/sf. The buyer, Evan Rundle, plans to convert the building for residential use with ground floor commercial.
The property, located at 937-939 5th Ave, has a rich history as part of the iconic Gaslamp District. The building was originally constructed in 1911 as the Manhattan Hotel & Restaurant and the basement served as a speakeasy during Prohibition. In the 1930’s, the exposed-brick building was remodeled in the Art Deco style with exterior bas-relief panels and interior white mahogany and walnuts details.
UBS Properties sold the property with representation by Bill Shrader of Colliers International San Diego Region’s Urban Property Team. The buyer was repped by Dion Noravian of Green World Realty.
“Since 1912, this property has only had two owners and has not been listed for sale since 1928,” said Shrader. “This was an incredibly unique opportunity for the new ownership to acquire and revitalize a storied piece San Diego’s Gaslamp District.”
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