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6/25/15
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An 11k sf commercial condominium comprised of three units in downtown San Diego sold for $4.5 mil. The condominium is located at 101 Market St, on the ground floor of Atria, a four-story, 149-unit residential condominium complex that was built in 2002.
At the time of sale, the property was 100% leased by five tenants including Banfield Pet Hospital, Lion Coffee, Chase ATM, Carrington Real Estate and Simon’s Deli & Catering. Bill Shrader, David Maxwell, and Joe Brady of Colliers International’s Urban Property Group represented the buyer, PREF ATRIA LLC, and the seller, 101 Market Partners LLC, in the deal.
The Urban Property Group has worked on this property since it’s completion in 2004. In August 2013, they brokered a sale of the building to 101 Market Partners LLC, at the time the property was only 10.7% leased. Since the sale, the team was retained for leasing and signed the remaining space to Banfield Pet Hospital and Simon’s Deli & Catering, bringing occupancy to 100% and successfully repositioning the asset into a prime NNN Leased Investment.
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