February 2, 2017 Comments Off on Little Italy Site Acquired for $15M Views: 551 California News, San Diego

Little Italy Site Acquired for $15M

Union and Ash, a 27,611-square-foot site in San Diego’s Little Italy, was acquired for $15.2 million. A preliminary study suggested that a 260-unit multifamily tower could be built on the site.

Two separate transactions made up the sale. One involved the purchase of 210 West Ash St., and 1400 and 1430 Front St. for $6.9 million. The properties had been owned by B B Ash Street Associates since the 1970s. Additionally, the $8.3-million purchase of 232 West Ash St. involved Wells Fargo Bank, as trustee for Ames Trusts and Ash Street LLC, which owned the property since the 1920s.

The site currently holds a parking lot and three single-story office buildings occupied by Aladdin Bail Bonds and the San Diego County Office of Education.

CityWest Advisors’ Jim Hamilton represented the undisclosed buyer, which plans to entitle the site. NAI San Diego’s Doug Ceresia, Josh Buchholz and Matt Midura represented the sellers.

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