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Marcus & Millichap Closes Development Site Sale in San Diego
Marcus & Millichap finalized the sale of University & Herbert, a 0.43-acre development site located in San Diego. The sale price was $8,500,000.
Nick Totah, SVP investments, and Ross Sanchez, senior investment associate for The Totah Group in Marcus & Millichap’s San Diego Downtown office, marketed the property on behalf of the seller, The Davis Family Bypass Trust and The Davis Family Survivors Trust. The buyer was CRP Affordable Housing and Community Development, a developer based in New York City, and was represented by Alberto Guardado of RE Collective Group.
The portfolio of four adjacent properties, located at 1601-1607 University Ave, 3843 Herbert St., 3839 Herbert St. and 3833 Herbert St., consisted of two retail/commercial properties and two single-family residences. 1601 University Ave. was the longtime home of Davis Furniture, a family-run furniture store dating back to the 1960s with a storied history in the Hillcrest neighborhood.
- ◦Sale/Acquisition




