Developer lands historic San Diego structure

Buys adjacent parcel, plans 180-unit condo project

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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 Sentre Partners represented the sellers. Colliers International provides commercial real estate services worldwide. *** Send a Letter to the Editor for publication.Send a comment or news tip to our news...