Iconic Clock Tower Acorn Building bought for $4.5 Million as investment
Van Steenwyk investing in Paso Robles
The iconic Acorn Building with the prominent clock tower in the center of downtown Paso Robles was sold last month for $4,5 million, according to county records.
Brett Van Steenwyk of Paso Robles purchased the landmark building on Dec. 14, 2012 from Pacific Management/Dev Inc, the records show.
The building currently has tenants including Thai Classic, Parrish Family Vineyards and Velvet clothing on the ground floor and other offices upstairs.
The building was destroyed in the 6.5-magnitude San Simeon earthquake of 2003. Two women died inside during the quake. The families of the women sued the previous owner, Mary Mastagni. A jury found Mastagni negligent in the care and maintenance of the building and the plaintiffs won a judgment for $1.9 million.
The original structure was an unreinforced masonry building built in 1892. The building was rebuilt to its former glory by the Mastagni family and re-opened in 2006.
Before the quake, the Acorn Building was home to Pan Jewelers and the House of Bread among other businesses. After being rebuilt it has been home to Level Four Restaurant & Lounge, Edward Sellers Vineyards & Wines, Two Little Birds Bakery and Subway Sandwiches all now moved or closed.
Description of the Acorn building from LoopNet
The Icon of downtown Paso Robles! Originally built in 1895 and completely rebuilt in 2007, the clock tower building” is ideally located on the corner of 12th and Park Street in the heart of downtown. Directly across from the park, this three story property (with beautifully finished basement) offers a mixture of retail and office. Surrounded by downtown restaurants, shopping, wine tasting and more, this legendary 25,513 +/- square foot property offers the best of the downtown Paso Robles experience!
Paso Robles – some call it the next Napa Valley, thanks to the incredible wines produced from the nearly 30,000 planted acres of vineyard. In the heart of the Central Coast, this bustling community is located directly between Los Angeles and San Francisco on California Hwy 101, and is just 30 minutes inland from the Pacific Ocean. The community is also equal distance from both Bakersfield and Fresno, and enjoys the tourist activity generated by these large inland populations, seeking the lakes, wineries and proximity to the Pacific. If you want a secure place for your next real estate investment, look at Paso Robles but be prepared to fall in love!
Investments Paso Robles – Stifel Nicolaus – (805) 238-3080