Downtown San Diego Albertsons Sells to 1031 Apartment Trade Buyer for $22.1 Million
SAN DIEGO, May 14, 2020 –Marcus & Millichap (NYSE: MMI) announced today The Mansour Group closed the sale of the Albertsons grocery store in Downtown San Diego, California. The nearly 43,000-square-foot single-tenant retail condominium property sold for over $22 million.
“This was a once-in-a-generation opportunity to purchase a landmark net-leased grocery asset with a long-term triple-net lease in Downtown San Diego’s East Village, one of our region’s most rapidly developing and booming neighborhoods,” said Alvin Mansour, executive managing director investments, The Mansour Group of Marcus & Millichap. “This is exactly the buyer profile we see so frequently- a Southern California private investor exchanging from a large multifamily complex into a passive and generational net-leased property. Especially in this global health care crisis, we are laser-focused in assisting our clients to navigate this market and capture 1031 capital.” Alvin Mansour and Kevin Mansour of Marcus & Millichap and Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller, a San Diego ownership group. The buyer, based in Los Angeles, sold a large, multi-million-dollar apartment complex in the Los Angeles area.
The property is within walking distance of Petco Park, home of the San Diego Padres, and is surrounded by hotels, new apartment complexes, the San Diego Convention Center, offices, restaurants, shops and entertainment venues.
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.