Redevelopment Planned After Downtown Land Parcel Sells for $9.5 Million
Source:
Lou Hirsh, San Diego Business Journal, September 5, 2017
A
local buyer listed as San Marcos Investments Inc. has acquired a downtown San
Diego land parcel, where a hotel is currently located, for $9.5 million, with
plans to redevelop the property, according to brokerage firm Pacific Coast
Commercial.
The seller of the 13,207-square-foot land parcel, at 929 W.
Grape St., was Sanfilippo Trust of San Diego, represented by Pacific Coast Commercial’s Dave Dilday and Erik Anderson.
Brokers said the San Diego-based buying entity is led by CEO
Bhavesh Patel, owner and operator of the 31-room Marina Inn Motel at that
address in Little Italy. Patel, who represented himself, exercised his rights
to purchase the fee interest in the property that he previously had been
leasing.
The hotel was originally branded as a Travel Lodge motel in the
early 1950s. Patel renovated it in 2002 and rebranded it as Marina Inn, and now
eventually plans to redevelop the property, which is located near Pacific
Highway.
The property had been owned for several years by the Sanfilippo
family, with long ties to Little Italy and San Diego’s tuna industry dating
back to the early 1930s.
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