San Diego Retail Asset Sells in 1031 Exchange
SAN DIEGO, CA—A single-tenant downtown San Diego retail condo property occupied by an Albertsons grocery store traded as part of a 1031 exchange, according to Marcus & Millichap, whose affiliate The Mansour Group brokered the deal. The nearly 43,000-square-foot building, at 655 14th St., sold for $22.1 million.
The property is within walking distance of Petco Park, home of the San Diego Padres, and is surrounded by hotels, new apartment communities, the San Diego Convention Center, offices, restaurants, shops and entertainment venues.
Alvin Mansour and Kevin Mansour of Marcus & Millichap and Pasquale Ioele and Michael Burton of Flocke & Avoyer Commercial Real Estate represented the seller, a San Diego ownership group. The buyer, 221 North Cedar Associates LP, is based in Los Angeles and sold a large apartment community in metro Los Angeles. It was represented in the San Diego deal by Robert Zakari.
In a prepared statement, Alvin Mansour, executive managing director/investments of The Mansour Group of Marcus & Millichap, said the property has a long-term triple net lease. He added that the buyer was “a Southern California private investor exchanging from a large multifamily complex into a passive and generational net-leased property.”