East County Business News by Rick Griffin
— An 18,695-square-foot industrial building located at 310 N. Johnson Ave. recently sold for $2,847,500, or approximately $152 per square foot, according to an announcement from Colliers International. Tucker Hohenstein, Mike Erwin, Victor Krebs and Rob Morgan of Colliers International represented GTF Properties, the property buyer. The seller, Coneen Family Trust, was represented by Mark Silverman and Jason Smithson of NAI San Diego.
— Marquis Apartments, a 37-unit property at 871 N. Mollison Ave., has been sold for $4,095,000. The buyer was Davis Salinas of Chula Vista. The acquisition was financed with a loan of $2.86 million from JPMorgan Chase Bank (NYSE: JPM). The seller was Charles Frederick Kreutzkamp, who acquired the property in April 2012 for $3.42 million. Commercial brokerage firm Marcus & Millichap had the exclusive listing to market the property. Built in 1970 on a 1.04-acre lot, the approximately 30,035-square-foot, two-story apartment consists of 22 two-bedroom, two-bath units and 15 one-bedroom units. Amenities include a pool, laundry facilities, a gated entry and covered carports.
— The 40-unit Gold Coast Apartments at 294 Ballantyne St. has been sold for $4 million. The buyer was Ballantyne Villas LLC of Tustin, Calif. The seller was LSS Family Investment Co. LLC. Brokerage firm Marcus & Millichap Real Estate Investment Services represented the buyer and seller. The 27,616-square-foot building with 18 two-bedroom, one-bath units and 22 one-bedroom units was built in 1970 on approximately 1.1 acres. In November 1999, the property was sold for $1,522,000 with financing of $1,141,500 from Washington Mutual Bank.
— The 10,370-square-foot retail building at 245 E. Main St. has been sold for $959,000. The buyer was Ronald Lee Bain of El Cajon. The acquisition was financed with a loan of $719,250 from California Bank & Trust. The seller of the property was Home Bank of California. Catherine Stada of Pacific Coast Commercial represented the buyer. The seller was represented by N. P. Elliot of Inner Broker Marketing Company.
— The 8,489-square-foot industrial building at 1385 N. Magnolia Ave. has been sold for $960,000. The buyer was Ming-Chang Yu of Lakeside. The seller of the property was CT Mortgage Co. CT Mortgage took back a trust deed for $576,000. Kerry Schimpf and Cameron Czubernat of Cassidy Turley San Diego represented the seller. William Strocco Jr., of St. Rocco Properties, represented the buyer.