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Building in Pacific Beach on Balboa sold

The approximately 5,213-square-foot office building in Pacific Beach at 2206-2212 Balboa Ave., San Diego 92019, has been sold for $945,000, cash.

The buyer was IAC Management LLC, a California limited liability company, 10922 Cloverhurst Way, San Diego 92130, attention: Sony Ben-Moshe.

The seller of the property (assessor's parcel 424-070-10) was First-Citizens Bank & Trust.

The two-story building was constructed in 1971 on an 11,950-square-foot corner lot (Balboa and Olny Street). The property also includes 18 designated private parking spaces.

In February 1991, the property was sold for $825,000, with financing of $495,000 from Peninsula Bank.

In July 2006, the property was sold for $1.3 million, with financing of $913,000 and $713,700 from Temecula Valley Bank.

In December 2011, First-Citizens acquired the property on a foreclosure. The unpaid debt on the July 2007 loan was $809,841. The bank paid $131,645.

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