PacLofts
Photo courtesy of Marcus & Millichap

PacLofts Photo courtesy of Marcus & Millichap

A downtown San Diego building that combines retail shops and office space has been sold for $7.4 million.

The four-story PacLofts at 701 Island Ave. was acquired by JCKL Partners from JS Western Retail Services.

The seller was represented by Nicholas Totah, first vice president in Marcus & Millichap’s San Diego offices, and Associate Ross Sanchez.

Representing JCKL Partners from Avison Young were Damian McKinney, principal and managing director, and Senior Vice Presidents Andrew Meyers and Julie Dunlap.

Built in 1925, the 20,000 square-foot building is on a 5,000 square-foot lot. It was renovated in 2017 and was 27 percent leased at the time of sale.

"The building has the vintage charm of its 1920's origins with its original polished hardwood floors, its exposed-brick interior walls and its leaded-glass windows that swing open," Meyers said. "At the same time, it provides high function and practicality from its new roof, HVAC, elevator, ADA restrooms and fiber optic cabling. It's the best of the old and new, which is why our client bought it."