Prospect Center, the four-story office building at 1020 Prospect St. whose tenants include a high-end brand development company, has been sold for $27.9 million and will be converted to a luxury 16-unit condominium venue.
The buyer was San Diego’s RREF-HV Prospect Property Owner LLC. JPMorgan Strategic Income Opportunities Fund provided a construction loan of $35 million.
The seller of the property was 1020 Prospect St., Property Owner LLC. The sole member of the seller is 1020 Prospect Street L.P., withNSD Ventures LLC as its general partner. According to recorded documents, the smallest condo floor plans are a pair of one-bedroom/1.5-bathroom units of 1,155 square feet, for a minimum release price of $1.04 million on the second floor and $1.14 million on the third. The largest floor plans are three two-bedroom plus den/three-bathroom units on three floors.
The second-floor model’s 3,060-square-foot floor plan has a minimum release price of $3.09 million and $3.98 million on the third.
The same bedroom/bathroom floor plan is 2,931 square feet on the fourth floor, for a $5.01 million minimum release price.
The 16 units total 36,636 square feet and a carry total minimum release price of $46.2 million.
The building was constructed in 1967 on a 23,522-square-foot lot. The property was renovated in 2002. The property was sold in July of 2001 for $13,652,000 and for $11,652,000 in June of 2000.
Current tenants include Lambeesi, an agency that develops branding strategies for companies such as Hitachi.