November 30, 2016
Vancouver, Canada-based Pinnacle International acquired a 30,000-square-foot redevelopment site in San Diego for $14.5 million from a private investor. The East Village site, at 1141 E St., contains a 25,000-square-foot industrial building.
The sales price equates to $483 per-square-foot, a record in the area. The property is located within the I.D.E.A. district, a transformative urban initiative aimed at supporting the creation of more than 13,000 design and tech jobs over the next 12 years.
Marcus & Millichap’s Ben Tashakorian and Jessie James represented the San Diego based seller, Rodney Starkey, and procured the buyer.
Tashakorian says, “Formerly the home of Pacific Messenger Service, one of downtown San Diego’s oldest family-owned businesses, 1141 E Street provides the new ownership with an excellent redevelopment opportunity that is zoned for multifamily residential development in the heart of the rapidly developing East Village Neighborhood downtown.”
For comments, questions or concerns, please contact Dennis Kaiser