The vacant and foreclosed building in Pacific Beach at 1366 Hornblend (on the corner of Gresham Street), San Diego 92109, has been sold for $1.1 million.
The buyer was Hornblend 1366 LLC, a California limited liability company, 3803 Mission Blvd., Suite 200, San Diego 92109. Ronald R. Fletcher is manager of Hornblend 1366.
The acquisition was financed with a loan of $400,000 from Seattle Funding Group of California LLC, of Bellevue, Wash.
The seller of the property (assessor's parcel 423-083-16) was Pacific Trust Bank.
The bank acquired the property as REO (real estate owned) in March 2012 on a bid of $700,000 at foreclosure. The unpaid debt and costs totaled $1.64 million.
The property consists of a 12,500-square-foot lot and a 5,500-square-foot building constructed in 1958.
The vacant and foreclosed building in Pacific Beach at 1366 Hornblend, San Diego. Photo courtesy of CoStar
In May 2006, the property was sold for $2 million, with financing of $1.4 million from Pacific Trust. The buyer planned to demolish the existing structure and construct eight townhomes.
Previously, the property was sold for $760,000 in May 1991, $625,000 in October 1988, and $432,000 in September 1987.
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