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Lennar-Intergulf Plans New Condos

SAN DIEGO-The partnership between Intergulf Development and Lennar Communities acquires a historic building and adjacent parcel Downtown, with plans to build a 180-unit luxury condominium project here.

By Erin Cassin | Updated on March 23, 2004

SAN DIEGO-In yet another example of the condo construction craze that is sweeping across San Diego County, a partnership between Intergulf Development and Lennar Communities has acquired a historic building and adjacent parcel Downtown, with plans to build a 180-unit luxury condominium complex here.

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.

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