An affiliate of Beverly Hills-based Maxxam Enterprises has purchased an historic Gaslamp Quarter mixed-use property known as the William Penn Building for $10.2 million, according to brokerage company CBRE Group Inc.
The seller of the downtown property at 511 F St., at the corner of Fifth Avenue and F Street, was Penn LLC, with Gregg Seaman of Viewpoint Equities as its managing member. The buyer represented itself, and the seller was represented by CBRE’s Jim Neil, Eric Comer and Merrick Matricardi.
Formerly known as the William Penn Hotel, the building was constructed in 1913 and underwent extensive renovations in 1999 through 2001. It is currently a mixed-use property with 18 apartments and 10,795 square feet of ground-floor retail space, anchored by Maloney’s Tavern.
In a CBRE statement, Comer said the building’s architecture and central-Gaslamp location attracted “over a dozen strong offers.” The residential units were fully occupied at the time of sale.
Brokers said the building is designated as historical on the San Diego Register and the National Register of Historic Places.