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SAN DIEGO-An 11,000-sf building occupied by Washington Mutual has sold for $1.7 million to Park Laurel Investors LLC, giving the firm the assemblage it needs to develop the Park Laurel on the Prado luxury residential project.

Grubb & Ellis vice presidents Reg Kobzi and Joe Greeno represented both the buyer, Park Laurel Investors, and the seller, WMRP Delaware Holdings.

Park Laurel Investors, a joint venture of San Diego’s RS Lawrence Development Inc. and Dallas-based CLB Partners Ltd., will develop the 96-residence Park Laurel on the Prado on the block.

The site is bounded by Fifth and Sixth avenues, Laurel and Maple streets, and is located across the street from the western gateway of Balboa Park.

Nearly 80% of the 46 condominium and townhome residences in Park Laurel’s first construction phase have been sold at prices ranging from the $700,000-plus to more than $3 million.

A $120-million, two-tower, luxury urban residential project, Park Laurel’s two- to five-bedroom residences range in size from more than 2,600 to more than 4,700 sf.

Nielsen Dillingham Builders, Inc. will begin construction of the first development phase of Park Laurel on the Prado later this year.

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