From the Real Estate Briefs section of the San Diego Daily Transcript. Dated June 25, 2014. Click here to view the full article >>
The 4,000-square-foot restaurant building in Pacific Beach at 1520 Garnet Ave., San Diego 92109, has been sold for $1,388,000, cash.
The buyer was IAC Management LLC, a California limited liability company, c/o Sony Ben-Moshe, 5296 Caminito Vista Lujo, San Diego 92130.
The seller of the property (assessor’s parcels 423-094-15 and 16) was Chungwon Yun.
Tony Franco, president of The Franco Realty Group, represented both the buyer and seller.
The building has 50-feet of frontage on Garnet and occupies two legal parcels totaling 6,250 square feet. There are six off-street parking spaces behind the building.
During the escrow, Franco also negotiated a new 10-year lease for the restaurant with Rio Vida Inc. valued at more than $1.2 million.
The property, formerly occupied by a Japanese restaurant, was sold for $1.1 million in February 2006, with financing of $936,000 from Hanmi Bank.
This is Franco’s fourth Garnet Avenue transaction within 15 months, totaling over $10 million in sales and leasing transactions.
Transactions included a 39,750-square-foot lot with a bank building (former Home Bank), a six-unit apartment building, and a mixed-use retail and apartment building.