The former IHOP building on Grand Avenue in Pacific Beach has been sold to an entity called 856 Grand Ave LLC for $8 million. The 22,000 square foot parcel is zoned for commercial use and will be used for a multifamily development. The property is located exactly a block from the beach and the buyer plans to take advantage of its premier location along the corridor, said Carson Trujillo, founder and president of WHITEWATER Commercial Real Estate, a commercial brokerage in San Diego, who represented 856 Grand Ave LLC.Trujillo described the sale as a “once in a lifetime opportunity” for the buyer as they quickly moved to find the owner and land the deal.“Within one block to the beach is just so extremely rare to come by, especially of this size,” Trujillo said. The buyer plans to demolish the current IHOP building and redevelop a multifamily development to what he and Trujillo believe to meet the “desperate” housing needs along Grand Ave. Trujillo said the buyer is looking to build a high-quality product that will benefit the neighborhood and is working with Golba Architecture Inc. to design the development. “There’s a greater need today in San Diego for multifamily housing than there is for retail,” Trujillo said. For now, the IHOP building sits vacant along the corridor with its signs removed and its lot converted to paid beach parking.IHOP originally leased the building for more than 20 years and closed because of rising labor costs in California, making it difficult to operate, Trujillo said.Carmen Natalello, owner of Crystals and Jewelry Emporium right across the street from the vacant building, said the IHOP closed around two years ago after business had been slow along Grand Ave. and has since sat empty.“The homeless are taking a little bit over, but nothing too crazy,” Natalello said. “But yeah, it’s just sitting there.”
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