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Deal of the Week - Sale

Atria commercial condos sold

Bill Shrader, David Maxwell and Joe Brady, of Colliers International's Urban Property Group, represented the buyer and seller in the Deal of the Week.

The deal was the sale of three ground-floor commercial condo units totaling 10,981 square feet in the full-block, 149-unit Atria condominium in downtown San Diego's Marina District for $4.5 million.

The units are at 101 First Ave. (5,986 square feet), 100 Island Ave. (3,780) and 101 Market St. (1,207). The acquisition includes eight underground parking spaces.

The buyer was PREF Atria LLC, of San Diego. PREF Atria is an affiliate of Paragon Real Estate Fund managed by Roberto Jinich, Ricardo Jinich and Dan Berkus. The acquisition was financed by a loan of $2.64 million from Societe Generale of New York City.

The seller was 101 Market Partners LLC, with Steven Schorr as the manager.

The Colliers group has worked on this property since its completion in 2004. In early 2013, the commercial condos went through foreclosure. In August 2013, Shrader's group brokered a $2,572,000 sale to 101 Market Partners. At that time the property was only 10.7 percent 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 percent.

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