Ground floor of downtown apartment sold
Chuck Klein, Tim Winslow, Kevin Held and Jason Kimmel, of Grubb & Ellis|BRE Commercial represented the Deal of the Week seller.
Douglas Hamm, of Baxter Realty Group Inc., represented the buyer. The deal was the sale of the 42,973-square-foot ground-floor retail space leased to an Albertson's market and a Sav-on pharmacy at 655 14th St., San Diego for $13.8 million.
The buyer was LIAD, LLC. The seller was EVALBS, LLC, c/o Leonardo Simpser, 401 B. St., Suite 920, San Diego. The buyer is the sole member of the seller, and Simpser is the member the buyer.
The transaction included an $11.5 million, US Bank loan from March 2005 and amended in February 2009. Albertson's has 22 years and six options left on its lease for the ground floor retail parcel of Market Street Village, a mixed-use development including 229 luxury apartments.
The sale represents a unique transaction in the downtown area because it is a long-term investment property that was originally part of a larger mixed-use project.
The complex original lease and operating structure created a strong interest level from investors, giving the transaction a high loan-to-value percentage, according to Grubb & Ellis|BRE brokers.
