The 7,500-square-foot bank branch building in Pacific Beach at 875 Garnet Ave., San Diego 92109, at the southwest corner of Garnet and Bayard Street has been sold for $4.5 million, cash. The building occupies three legal parcels totaling 37,500 square feet.
The buyer was 875 Garnet Associates LLC, 10992 Cloverhurst Way, San Diego 92130, attention: Sony Ben-Moshe. The seller of the property (assessor's parcels 423-044-05 through and 07) was La Jolla Savers & Mortgage Fund, with Byron B. Webb III president.
The buyer was represented by Ken Weiner and Tony Franco, of Income Property Investors Inc. The seller represented itself. The building was leased to Home Bank of California and the Pacific Beach Tuesday Farmers Market. Ben-Moshe is a partner in the law firm of Latham & Watkins, and recently acquired other Pacific Beach properties.
Earlier this year, Ben-Moshe's IAC Management LLC acquired the approximately 5,213-square-foot REO office building at 2206-2212 Balboa Ave. for $945,000, cash. The two-story building was constructed in 1971 on an 11,950-square-foot corner lot.
The 7,500-square-foot bank branch building in Pacific Beach at 875 Garnet Ave., San Diego. Photo courtesy of CoStar
Late last year, the 3,123-square-foot retail building at 1459 Garnet Ave. was sold for $1.15 million to Sony Ben-Moshe; Elad and Shoshana Ben-Moshe, co-trustees of a trust; and the Dr. Eli Ben-Moshe, Optometrist 401(k) Profit Sharing Plan.