Jim Neil, Eric Comer and Merrick Matricardi of the Multifamily Team of CBRE Group Inc. (NYSE: CBG) represented the seller in the Deal of the Week. The buyer represented itself.
The deal was the sale of the five-story, 30,400-square-foot historical William Penn Building in the heart of the Gaslamp Quarter at 511-515 F St., San Diego, for $10.2 million, cash.
The buyer was Penn Hotel Building LLC, of Beverly Hills. The buyer is an affiliate of Maxxam Enterprises.
The seller was Penn LLC, with Gregg Seaman manager.
“Due to the stunning architecture and heart of Gaslamp address, the William Penn attracted over a dozen strong offers even with the corner retail vacant, which had previously been occupied by Starbucks. The residential units were 100 percent occupied at time of sale,” Comer said.
The building was constructed in 1913 on a 5,000-square-foot corner lot and extensively renovated in 1999-2001.
The renovations included the installation of a new roof, fire sprinkler system and cable television wiring. A seismic retrofit was completed in 1999 along with electrical system, elevator and HVAC upgrades.
The property re-opened in 2000 as a mixed-use development consisting 18 units totaling 13,950 square feet and two retail units totaling 10,795 square feet. Maloney's Tavern as the anchor tenant. In late 1998, Low Profile, LLC, dba Maloney's, leased 5,500 square feet for 10 years at $1,372,800.
The building is designated as historical on the San Diego Register and the National Register of Historic Places. The property is also a member of the "Gaslamp Quarter National Register Historic District."
The building was designed by Eugene Hoffman (who also did the historic 90-unit Barcelona Apartments on Juniper in Bankers Hill and the John D. Spreckels Building in downtown San Diego).
In early 2008, the property, then the William Penn Hotel, was sold for $7.5 million. Comer and Neil, then with CB Richard Ellis, represented the seller.
The building was originally named the Oxford Hotel and became the William Penn Hotel in 1930.