SBMI Group Inc. has purchased a mixed-use Hillcrest building for $2.75 million and has begun a $900,000 renovation of the property, which originally housed a dance hall in the 1920s.
A statement from the San Diego-based company said the two-floor, 10,000-square-foot property, at 1253 University Ave., was sold by Shirley Campbell of San Diego, with the buyer and seller represented by Barbara Avila.
SBMI officials said the renovated building will likely include a health-oriented café on the lower level, along with four or five creative office spaces upstairs. Exact tenants have not been announced.
SBMI Managing Partner Brandon Blum said a large mezzanine area, currently used for storage, will be converted into a common area for socializing. The company plans to install energy-efficient lighting and other green elements.
The renovation is expected to be completed in September 2016, with move-ins beginning immediately afterward.
Headquartered in Mission Valley, SBMI Group is led by Blum and Managing Partner Daniel Shkolnik.