Downtown San Diego Albertsons Sells to 1031 Apartment Trade Buyer for $22M
An Albertsons grocery store in downtown San Diego has traded hands to an unnamed SoCal private investor, exchanging from a large multifamily complex into a passive and generational net-leased property. The nearly 43,000-square-foot single-tenant retail condominium property sold for more than $22 million.
The Mansour Group of Marcus & Millichap’s Alvin Mansour says, “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.”
Alvin Mansour and Kevin Mansour of Marcus & Millichap, and Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller, an undisclosed San Diego ownership group.
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