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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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.