Vancouver, B.C.-based Pinnacle International has acquired a redevelopment site in downtown San Diego for $14.5 million, according to brokerage firm Marcus & Millichap.
The East Village property, at 1141 E Street, spans 30,000 square feet and includes a 25,000-square-foot building that formerly housed Pacific Messenger Service, one of downtown’s oldest family-owned businesses.
The seller of the property was Rodney Starkey of San Diego. The buyer and seller were represented by Marcus & Millichap’s Ben Tashakorian and Jessie James.
Brokers said the property is at the corner of 11th Avenue and E Street, in an area of East Village known as the I.D.E.A. District. Several developers are at work on projects geared toward creating a mixed-use neighborhood with elements of innovation, design, education and the arts.
Specific plans were not immediately available, but the location acquired by Pinnacle is zoned for multifamily residential development. Pinnacle International has developed several large apartment and condo projects in the downtown area, most recently including the high-rise Pinnacle on the Park in East Village.