As reported earlier this month on GlobeSt.com, ET Corp. acquired the Downtown San Diego property from Dayton, OH-based Broadway JDS Inc. in a 1031 exchange transaction. The balance of the $20.5-million price tag was paid in cash. Both the buyer and the seller were represented by investment specialist Ben Tashakorian of the San Diego office of Marcus & Millichap Real Estate Investment Brokerage Co.
Constructed in 1927 as the first Bank of America building, the Broadway facility encompasses three-quarters of a Downtown city block. The class C property was bought in the early 1980s by Home Federal Bank, which then extensively rehabbed it in 1983. The company poured more than $13-million in upgrades into the 14-story asset, which is now 80% occupied by tenants including San Diego County and On Broadway Events Center.
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