The three-parcel, 15,000-square-foot property in Little Italy at 1810 State and 1819 Columbia streets has been sold for $5.3 million.
The buyer was Kirkham Road LLC, 2750 Womble Road, Suite 200, San Diego 92106, Attn: Vincent Ferrer. The address in Liberty Station is the office of The Corky McMillin Companies.
The acquisition was financed with a loan of $3,825,000 from SSFT Holdings LLC, 101 E. 30th St., National City. SSFT Holdings, headed by Ferrer and Dean McGill, is also the manager of Kirkham Road LLC.
The seller of the property (assessor's parcels 533-241-04 and 11) was Centurion Partners Palatine LLC, c/o Centurion Partners Holdings LLC, 450 Newport Center Drive, Suite 570, Newport Beach 92660, Attn: Scot Matteson and Michael Smith.
Scott and Andy McMillin of the new ownership have announced intentions to construct 100 luxury apartments. They plan to break ground in the summer of 2015 with move-ins expected in summer of 2016.
Andy, grandson of the late Corky McMillin, Scott McMillin's son, and the fourth generation of homebuilders in his family, says he plans to build apartment units that rival the most sought-after homes found in major cities such as New York and Los Angeles.
The seller of the property bought the site in December 2012 for $3.8 million with the intention of construction 102 apartment units.