San Diego office building sold for condos

Grubb & Ellis/BRE Commercial represented JM 43 LP in the sale of a 104,510-square-foot office building in San Diego.

The value of the transaction was $18.6 million.

1515 Partners LLC purchased the Fourth Avenue Corporate Center, which is located at 1551 Fourth Ave.

The office building was 50 percent leased at the time of the sale, but 1515 Partners, managed by Skandia Construction Services, has bought out a majority of the existing tenants so that it can be converted to residential condominiums.

San Diego-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm.

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