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SAN DIEGO-Hall Investment Inc. has purchased an office property in Downtown San Diego with plans to convert the space into residential loft condominiums.Located at 111 Elm St., the 28,877-sf. building was sold by Asset Preservation Inc. for $3.4 million.

Asset Preservation Inc. was represented by Tom Olson of Coldwell Banker Commercial. Michael Dyer of Burnham Real Estate Services ONCOR International acted on behalf of Hall Investment Inc.

Hall Investment’s plans to renovate its recently acquired Elm Street asset is the just the latest example of the hotbed of development activity that downtown San Diego has become. Residential and retail projects, as well as office developments and new hotels, are springing up all over this zone. According to a recent report by the Centre City Development Corp., “nearly $3 billion in projects is planned throughout sowntown’s eight neighborhoods.” The report goes on to say that 9,000 homes are being developed here, as well as more than two million sf of office space and thousands of hotel rooms.

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