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Restaurant building on Garnet in PB sold

The 4,000-square-foot restaurant building in Pacific Beach at 1520 Garnet Ave., San Diego 92109, has been sold for $1,388,000, cash.

The buyer was IAC Management LLC, a California limited liability company, c/o Sony Ben-Moshe, 5296 Caminito Vista Lujo, San Diego 92130.

The seller of the property (assessor's parcels 423-094-15 and 16) was Chungwon Yun.

Tony Franco, president of The Franco Realty Group, represented both the buyer and seller.

The building has 50-feet of frontage on Garnet and occupies two legal parcels totaling 6,250 square feet. There are six off-street parking spaces behind the building.

During the escrow, Franco also negotiated a new 10-year lease for the restaurant with Rio Vida Inc. valued at more than $1.2 million.

The property, formerly occupied by a Japanese restaurant, was sold for $1.1 million in February 2006, with financing of $936,000 from Hanmi Bank.

This is Franco's fourth Garnet Avenue transaction within 15 months, totaling over $10 million in sales and leasing transactions.

Transactions included a 39,750-square-foot lot with a bank building (former Home Bank), a six-unit apartment building, and a mixed-use retail and apartment building.

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