An affiliate of San Diego-based AAA Management LLC has acquired two land parcels in downtown’s Little Italy for a total of $15.2 million, according to CoStar Group and public data. The buyer is in the process of entitling the combined site for a high-rise multifamily residential development.
The properties are at 210 W. Ash St. and 1400-1430 Front St., purchased for approximately $6.94 million; and 232 W. Ash St., purchased for approximately $8.25 million. The sellers, respectively, were BB Ash Street Associates of San Diego; and Wells Fargo Bank, as trustees for San Diego’s Ames Trusts and Ash Street LLC.
Brokers did not disclose the name of the buyer in initial reports on the transactions. According to CoStar Group, the recorded buyer of the properties is Union & Ash Properties LLC, an affiliate of AAA Management LLC.
According to brokerage firm NAI San Diego, which represented the sellers, the buyer is in the process of entitling the combined properties for a high-rise residential tower project tentatively known as Union & Ash. A preliminary architectural site study — performed by Joseph Wong and Chris Fassler of Joseph Wong Design Associates (JWDA) —- indicates that the project may include a multifamily tower with approximately 260 units.
No development timeline has been announced. The acquired land currently includes one parking lot and three single-story office buildings, which would be cleared away for future development.
Current tenants in the office buildings include Aladdin Bail Bonds and the San Diego County Office of Education. The properties included with the 210 West Ash deal had been owned by the seller since the 1970s, and the 232 West Ash property had been owned by the sellers since the 1920s.
The buyer in the transactions was represented by Jim Hamilton of CityWest Advisors, and the sellers were represented by NAI San Diego’s Doug Ceresia, Josh Buchholz and Matt Midura.