Hillcrest Mixed-Use Goes into Escrow After Two Weeks on Market

Marcus & Millichap arranged the sale of Fifth and Penn, a 2,867-square-foot mixed-use property consisting of a ground-floor restaurant, an apartment unit and a creative office space on the second floor located in San Diego. The asset sold for $1,625,000.

Senior associate Ross Sanchez and Nick Totah, SVP investments for The Totah Group of Marcus & Millichap’s San Diego office, marketed the property on behalf of the seller, Tom Fine of TJF 5th Ave, LLC. The buyer, Daniel Heimler of DAH Penn, LLC, was also procured by Totah and Sanchez.  

“After just two weeks on the market and a lot of interest, the property was in escrow,” said Sanchez. “The restaurant and office tenants will remain in the building and the buyer plans on living in the apartment unit in the rear of the property. Despite tough market conditions, we are still seeing demand for well-located properties in strong markets such as Fifth and Penn.”

Built in 1931, the property is located at 441-43 Pennsylvania Ave., in Hillcrest, one of San Diego’s most robust residential markets. The building benefits from its location near downtown, the airport and a prominent medical employment hub.