Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.