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by CareyBot

Lennar-Intergulf, a partnership of Intergulf Development and Lennar Communities, purchased a 40,000-square-foot historic building and an adjacent 10,000-square-foot parcel in San Diego, Calif. The total value of the transactions was approximately $11.9 million. The four-story historic building, which is located at 820 Ash St., sold for $9.2 million. The adjacent parcel at 1405 Pacific Highway sold for approximately $2.7 million. The seller of the Ash Street property was McClurken Machinery. The seller of the Pacific Highway parcel was Michael Peckham. Lennar-Intergulf plans to refurbish the historic structure in 2005 and build a 180-unit luxury condominium project on the site. Victor Krebs of Colliers International represented the buyer in both transactions. Michael Peckham of Sentr...