The 10,937-square-foot, mixed-use development site in Pacific Beach at 927-929 Hornblend Ave., San Diego 92108, has been sold for $1.67 million, cash.
The buyers were Sarah Cheng as trustee of the Silverado Trust (41.5 percent); Jeffrey H. Lin and Paulina Y. Lin as trustees of the Lin Family Trust (8.5 percent), 2328 Rue de Anne, La Jolla 92037; and Diego Davis Associates LLC, a California limited liability company (50 percent).
The seller of the property (assessor's parcels 423-042-04 and 05) was MAZL 4 ADGS Inc. with Gary Recht president.
Ciara Layne-Trujillo, David Santistevan, and Gunder Creager, of Colliers International represented both the seller and the buyers.
The approximately quarter-acre lot is occupied in part by residential and retail usage with a substantial portion vacant. The property is two blocks from the ocean.
“The sale of this property was based on the value-add potential,” said Layne-Trujillo, a vice president at Colliers. “Buyers are looking for well-located coastal properties with strong value-add potential.”