Cisterra Sells Renovated Building, New Owner Will Renovate Some More
- Aug 21, 2015
By Alex Girda, Associate Editor
The Pack Loft Building is packing and moving to a new owner. JS Capital Enterprises Inc. recently purchased the property for $4.7 million from Bledsoe Warehouse LLC, an affiliate entity of Cisterra Development. The sale of the historic building was arranged by Bill Shrader, David Maxwell, and Joe Brady of Colliers International’s Urban Property Group.
Known as the Pack Loft/Bledsoe Company Furniture Warehouse, the 20,000-square-foot building is located at 701 Island Ave. in San Diego. Cisterra Development also sold the adjacent building, at 704 J St., to Paragon Real Estate Investments for $4.35 million. That transaction was also arranged by the Urban Property Group.
The creative Pack Loft office building was renovated by Cisterra at the time of the construction of the adjacent Sempra Energy headquarters building. According to a press statement announcing the transaction, the new owner will further improve the asset in order to raise the standard of the office space, as well as the ground floor retail component of the building. Completion of the renovation process is anticipated in February 2016.