• News
  • Real Estate

Building in Park West on Fifth Ave. sold

The 6,577-square-foot building in the Park West neighborhood at 2870 Fifth Ave., San Diego 92103, has been sold for $2.05 million.

The buyer was Linfield Investments, LP, a California limited partnership, 324 6th Ave., Saskatoon, SK S7K 2S5. Linfield Management Inc. is the general partner of Linfield Investments and Andrew Kent is president/secretary of Linfield Management.

The acquisition was financed with a loan of $1,335,000 from Pacific Western Bank.

The seller of the property (assessor's parcel 452-665-11) was Old Fire Station No. 3 Building, LLC, a California limited liability company. Jim Chatfield, Scott Ciernia and RTB Investment Management, LLC are the managers of Old Fire Station. Robert Taylor Bennett Jr. is the managing member of RTB Investment.

Tim Winslow, Jason Kimmel and Kevin Nolen, LEED AP, of Cassidy Turley represented the seller. The buyer was represented by Dan O'Donnel of Coldwell Bank Commercial Lyle & Associates.

The property is subject to a December 2011 leasehold by Saylor Wright, dba “Saylor.”

The two-story building was constructed in 1960 on a 5,000-square-foot lot at the southwest corner of Fifth and Palm Street.

In late 2011, the property was sold as REO for $1.26 million, cash. The seller, c/o One West Bank, was the foreclosing beneficiary in January 2011. The unpaid debt and costs on the May 2005 loan was $4.46 million. The bid was $304,000.

In March 2001, the property was sold for $710,000 with financing of $362,500 and $281,500 from Bank of America (NYSE: BAC).

User Response
0 UserComments