Apartment Conversion Planned After $5.63M Purchase of El Cajon MotelWednesday, March 8, 2017
A San Francisco buyer recorded as Macphersonite 1031 LLC has purchased the 75-room Ha’ Penny Inn motel in El Cajon for $5.63 million, with plans to convert it into apartments, according to brokerage firm Colliers International Group Inc.
The seller of the property, at 1549 E. Main St., was Ha Penny Inn LLC of San Diego. The buyer was represented by Colliers’ Peter Scepanovic and Corey McHenry.
In a Colliers statement, Scepanovic said the property’s extended-style motel units and proximity to the heart of El Cajon made it a good candidate for renovation and conversion into apartments.
According to CoStar Group data, the two-story property spans 35,716 square feet and was built in 1973. The seller in the recent deal was represented by Mike Habib and Alice Kulikowski of Coldwell Banker Commercial.