Marcus & Millichap recently facilitated the sale of Fifth and Penn, a mixed-use property in San Diego. The 2,867-square-foot building features a ground-floor restaurant, an apartment unit and a creative office space on the second floor. The property was sold for $1,625,000.
Senior associate Ross Sanchez and SVP investments Nick Totah from Marcus & Millichap’s San Diego office represented the seller Tom Fine of TJF 5th Ave LLC. The buyer Daniel Heimler of DAH Penn LLC was also procured by Totah and Sanchez.
According to Sanchez: “Despite challenging market conditions, we received significant interest in just two weeks on the market which resulted in this quick escrow process.” Both tenants will continue operating their businesses at this location while the new owner plans to reside in the apartment unit located at rear end of building.
Built back in 1931,the property is situated at 441-43 Pennsylvania Avenue within Hillcrest – one of San Diego’s most thriving residential markets. Its prime location near downtown area makes it easily accessible from both airport as well as prominent medical employment hub – making it an attractive investment opportunity for buyers seeking well-positioned properties within strong markets like Fifth and Penn.
