HP Investors LLC of San Diego has purchased an historic Gaslamp Quarter retail and office property – originally built in 1887 as the Grand Pacific Hotel – for $6.8 million.
A statement from HP Investors said the three-story, 15,000-square-foot property, at 437 J St., currently houses executive office suites on its upper floors and retail on the ground floor. HP plans upcoming improvements to the Victorian-style building, and will hold it as a long-term investment.
Company officials said the purchase marked HP Investors’ 13th acquisition in downtown San Diego. Among the company’s holdings is the nearby Gaslamp Square, with retail and parking spanning a full city block, which it acquired in 2013 through a separate partnership.
The seller of the historic former hotel property, located at J Street and Fifth Avenue, was Sweeney Enterprises, according to CoStar Group and public data.