The freestanding, approximately 11,200-square-foot multi-tenant retail building in Kearny Mesa at 4488 Convoy St., San Diego 92111, has been sold for $4,025,000, cash.
The buyer was Hktopway LLC, a California limited liability company, 127 Lomas Santa Fe Drive, Solana Beach 92075.
The seller of the property (assessor's parcel 356-240-38) was 4488 Convoy LP, a California limited partnership, with PWRG Communities LLC as the general partner.
Pacific West Realty Group is the manager of PWRG, and Harry R. Bigham is vice president of Pacific West.
The building was constructed in 1989 on a 22,651-square-foot corner lot at the southwest corner of Convoy and Balboa Avenue.
In April 2008, the property sold for $3.9 million with financing of $2.73 million from Kaiser Federal Bank. The buyer was LDG Convoy Street LLC, with Matthew C. Dinofina as the president.
At that time, the property was fully leased to seven tenants, including Sunglass & Optical Warehouse, JP's Bait and Tackle, PayDay Loan Corp., Luc Huynh DDS, Rafe Portes and Lemax Enterprises Inc. That sale also included two billboards, both on long-term leases (from October 2006) with CBS Outdoor.
In December 2013, Pacific West, dba Pacific West TD Fund II LP, a California limited partnership, foreclosed on the property. The amount of the unpaid debt together with costs was $1.29 million. Pacific West bid $600,000.