The sale of University & Herbert, a 0.43-acre development site in San Diego, has been finalized by Marcus & Millichap for $8.5 million. Nick Totah and Ross Sanchez of The Totah Group at Marcus & Millichap’s San Diego Downtown office marketed the property on behalf of the seller, The Davis Family Bypass Trust and The Davis Family Survivors Trust. CRP Affordable Housing and Community Development, a New York City-based developer represented by Alberto Guardado from RE Collective Group, was the buyer.
The portfolio included four adjacent properties – 1601-1607 University Ave., 3843 Herbert St., 3839 Herbert St., and 3833 Herbert St.- consisting of two retail/commercial properties and two single-family residences. One notable property is the long-standing home to Davis Furniture store which has been serving Hillcrest neighborhood since the1960s with an illustrious history.
This recent transaction marks another successful deal for Marcus & Millichap in their efforts to connect buyers with prime real estate opportunities in Southern California’s thriving market.
