The partnership, known as Lennar-Intergulf LLC, has shelled out a total of $11.9 million for the two assets--$9.2 million for the historic facility and $2.7 million for the neighboring lot. The historic building, which stands four stories high, is located on a 40,000-sf site at 820 Ash St., while the 10,000-sf parcel is situated nearby at 1405 Pacific Highway.

Michael Peckham of Sentre Partners represented himself in the sale of the Pacific Highway parcel and also acted on behalf of seller McClurken Machinery in the Ash Street transaction. Lennar-Intergulf LLC was represented by Victor Krebs of Colliers International, who brought the buyer and sellers together, as the properties were never put on the market.

Lennar-Intergulf was interested in the two pieces of property because they have unobstructed views of San Diego Harbor, are located in the popular Little Italy neighborhood of San Diego, and are large enough to accommodate a project of the scale that the development partnership is planning, Krebs tells GlobeSt.com.