Avison Young announces $7.4 million acquisition of iconic office building in downtown San Diego’s East Village
February 26, 2020
San Diego, CA – Avison Young announced today that it has completed the $7.4 million acquisition of The Pac Lofts Building located at 701 Island Avenue in downtown San Diego’s popular East Village area. Situated at the corner of Seventh Avenue and Island, the building is just one block east of the Gaslamp District and two blocks north Petco Park, home to the San Diego Padres.
Avison Young Principal and Managing Director Damian McKinney, and Senior Vice Presidents Andrew Meyers and Julie Dunlap who are based out of the firm’s San Diego office represented the buyer, JCKL Partners, LLC who will occupy the second and third floors while seeking a tenant for the ground floor. Law firm Noonan Lance has occupied its fourth floor since 2016. The seller, JSW Pack Loft, LP was represented by Nick Totah, Ross Sanchez, and Ricky Partida of Marcus & Millichap’s Totah Group.
Built in 1925, the 20,000-square-foot, four-story building was extensively renovated in 2017 by the seller.
Meyers stated, “The building has the vintage charm of its 1920s origins with its original polished hardwood floors, its exposed-brick interior walls, and its leaded-glass windows that swing open. At the same time, it provides high function and practicality from its new roof, HVAC, elevator, ADA restrooms, and fiber optic cabling. It’s the best of old and new, which is why our client bought it.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.