Press Release: LAND UNDER MISSION VALLEY MOTEL SOLD

Press Release: LAND UNDER MISSION VALLEY MOTEL SOLD
Published in The San Diego Daily Transcript, Tuesday March 17, 2015

 

 

 

 

 

 

 

 

 

 

San Diego, CA - March 5, 2015

 

The 27,442-square-foot parcel occupied by the Mission Valley Travelodge at 1201 Hotel Circle South, San Diego 92108, has been sold for $1.36 million.

The motel has leased and occupied the land since the 1950's.

The buyer was KHERVA LLC, a California limited liability company, 3009 Yonge St., San Diego 92106. Shivam Patel is the manager of KHERVA. 

The transaction was financed by the seller taking back a trust deed for $835,000. 

The seller was represented by Vince Provenzano, President of Brokerage at Pacific Coast Commercial. The buyer was represented by Mack Langston, Senior Broker Associate, also at Pacific Coast Commercial. 

Vincent Provenzano Jr., with Fidelity National Title Secured, handled title insurance and Samantha Maestas, also with Fidelity National, coordinated escrow services. 

The new ownership is considering all options of development including hospitality, multifamily, fast food and retail once the land lease expires.

 

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