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Corner property in Pacific Beach on Hornblend sold

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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