A local family has decided to sell almost an entire block of 11th Street, according to real-estate broker Byron Alvarez.
"I can’t recall in years an entire city block assembled and sold," Alvarez said. "It’s very rare to do that."
Alvarez is selling the seven lots from 108 to 128 E. 11th St. — 1.27 acres owned by Albert and Celeste Navarra Family Partnership LP. He said it took the Navarras more than 30 years to acquire the property, which is bordered by E and F streets and Grunauer Alley. It went up for sale July 23 for $2.4 million.
"They called me and asked, ‘What do you think it’s worth?’ I gave them a quick evaluation, and that’s what they listed it for," Alvarez said. "With all development on 11th Street, it’s certainly not going down in value."
The most recent development adjacent to the property is the construction of a McDonald’s restaurant at 236 E. 11th St.
"McDonald’s makes it more desirable, and the plaza at MacArthur, and Amazon — all that helps," he said.
The future Milandy Plaza will be 27,000 square feet of retail at the corner of MacArthur Drive and 11th Street, while Amazon.com Inc. is constructing a fulfillment center off Chrisman Road, south of Grant Line Road.
Alvarez said the property owners are in no rush to find a buyer, but the listing is generating interest among developers.
Parts of the property are leased by Johnny’s Diner & Creamery drive-in, Peaches & Cream Skin Care and Retreat and RAS Car Wash.
The only part of the city block not owned by Navarra is 1031 F St., occupied by Tracy Feed.
The last piece of property the Navarras wanted to acquire was the diner lot, Alvarez said, which was purchased in January.
The owner of the drive-in, Gaby Machuca, said she’s in limbo, uncertain about whether she should wait to see if someone buys the block or start looking for a new restaurant location immediately.
"The hardest part is not knowing how much time we have left," she said. "We’ve got all kinds of emotions. You want to be mad about it, but it is what it is. We’re trying to keep going, but it’s hard."
Machuca said she learned in December that the property was for sale, and within a month it was sold. When she discovered that the buyer was the same person who owned the adjacent lots, she guessed it was only a matter of time before it affected her business.
"I hope someone makes an investment and leaves it alone," she said.
Alvarez said the business owners renting space on the block have rights, regardless of the name on the property deed. He said their leases should remain valid regardless of the sale of the land.
The owners of Peaches & Cream and RAS did not respond to requests for comment.
• Contact Denise Ellen Rizzo at 830-4225 or email@example.com.