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Deal of the Week

Porta d'Italia sold for conversion to condos

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Linville Martin and Danny Fitzgerald of Grubb & Ellis|BRE Commercial represented the buyer in the Deal of the Week. The seller was represented by John Chu and Ed Rosen of Burnham Real Estate Services.

The deal was the sale of the two-building, 184-unit apartment complex in Little Italy known as Porta d'Italia for $52 million. The 129,953-square-foot, mixed-use project is located on the north and south sides of Grape Street between India and Columbia streets in downtown San Diego. The four-story complex includes 10,720 square feet of first-floor retail space.

The buyer was Porta d'Italia LLC, which is in the process of converting the apartment units into condominiums.

The seller of the property was Sandcor Harborside LLC, also known as Intracorp San Diego, Keith A. Fernandez president.

Plans also include selling the retail units.

Intracorp began construction on the project in January 2002, and it was completed in late 2003. Starck Architecture & Planning was the designer. The purchase price of $400 per square foot, or $282,500 per unit demonstrates continued confidence in the marketplace's demand for new residential condominiums in downtown and the Little Italy neighborhood.

Reported retail leases signed include 7-Eleven Inc. with 3,368 square feet in March 2005 for 10 years at $946,408 for a convenience store; and Cathi and Jasper Pederson, dba DNA Gallery, with 3,423 square feet in late 2004 for 52 months at $426,558 for a furniture and home accessories store.

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