The 25-unit Parkside Inn in downtown San Diego at 1267 11th Ave., San Diego 92101, has been sold for $2 million.
The buyer was Pacific Heights Development LLC, a Hawaii limited liability company, 110 Pacific Ave., Suite 340, San Francisco 94111. Teruhiro Katagiri is the manager of Pacific Heights and Michael Blumenthal is the member.
The acquisition was financed with a loan of $1.6 million from Mortgage Income Fund. The hotel occupies 10,000 square feet at the corner of 11th and A Street. The adjacent 20,000 square feet along 11th (assessor's parcels 534-074-15 and 16) provided additional security for the loan.
The sellers of the property (assessor's parcels 534-074-01) were Richard L. Essery and Grazyna Farida Oszczygiel-Essery, co-trustees of the Essery Family Trust (one-fourth interest); Vylie Joy Elder, trustee of the Vylie Elder Revocable Trust (one fourth interest); Joan E. Parker, trustee of the Joan Parker Trust (one-fourth interest); and MKRIS Properties LLC (one-fourth interest). Marianne Kristofferson is the manager and sole member of MKRIS.