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Former RB bank building purchased

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The former San Diego National Bank building in Rancho Bernardo has been purchased by Boardwalk Development, Inc. in partnership with James Nierman.

The 14,000 square foot, two-story, building at 16789 Bernardo Center Drive is a former Home Federal Savings branch featuring a brick facade, wood shutters and a balcony. San Diego National Bank purchased the building September 1999 for $2,400,000.

The seller was the FDIC as steward for the failed San Diego National Bank, which was taken over by the FDIC in October 2009. The purchase price was $2,500,000.

A lease has been signed for a local real estate office to occupy the second floor together with a first-floor lobby entrance. It is anticipated that a financial institution will be found to occupy the remainder of the first floor.
Boardwalk Development, Inc., which is headquartered in Rancho Bernardo, will handle the leasing and management of the property.

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