An affiliate of Beverly Hills-based Maxxam Enterprises recently acquired The William Penn Building, a mixed-use property in the heart of San Diego’s Gaslamp Quarter.
Maxxam acquired The William Penn, which consists of 18 residential units and 2 retail units, located in San Diego’s Gaslamp Quarter. Maloney’s Tavern was the anchor tenant at the time of sale. The building was originally built in 1913 and went through renovations in 2001; it is designated as historical on the National Register of Historical Places. Most of the units are furnished and come equipped with internet and cable access. The units have nine-foot ceilings, accent walls, skylights, custom
blinds, dishwasher, and microwave. The buyer repped itself in the deal with a CBRE Multifamily team of Jim Neil, Eric Comer and Merrick Matricardi repping the seller. “Due to the stunning architecture and heart of Gaslamp address, the William Penn attracted over a dozen strong offers even with the corner retail vacant, which had previously been occupied by Starbucks. The residential units were 100% occupied at time of sale,” says Comer.