SAN DIEGO — Carleton Management has completed the sale of an industrial asset located in downtown San Diego’s East Village. A wholly owned subsidiary of Shapery Enterprises acquired the asset for $7 million.
The transaction includes a vacant, 12,000-square-foot historical building at 1460 Island Ave. and an 11,000-square-foot light industrial building at 1490 Island Ave. The historic building dates backs to 1907 and was the former Electric Laundry Co. site. The buyer plans to restore the historic building and reposition it for a commercial tenant. The adjoining light industrial building is currently occupied by Crossfit Fortius and Urbana Design Build, a general contractor.
Kevin Mulhern and Rachel Parsons of the CBRE Multifamily team represented the seller, while the buyer was self-represented in the transaction.