SAN DIEGO- Fourth Avenue Corporate Center, an eight-story, 91,163-sf office building located at 1551 Fourth Avenue in downtown San Diego has sold for $15,150,000. Broe Real Estate, an affiliate of Denver-based The Broe Cos., was the building’s seller. The buyer was JM 43 LP.”Fourth Avenue Corporate Center, a multi-tenant office building, will be held by the new owner as an investment and will serve to accommodate its corporate offices,” says Lynn LaChapelle, principal with Burnham Real Estate Oncor International. LaChapelle, along with Bob Prendergast, Ryan Gilbert and Brad Perry, all of Burnham, represented Broe Real Estate. Tony Russell and Chris Hobson of Grubb & Ellis represented JM 43 LP.”This building is ideally located in the Cortez Hill area of downtown which is currently undergoing a renaissance, similar to Little Italy, says LaChapelle, who adds that the sale of the property “represents an ongoing interest of growing San Diego companies looking to re-invest in the community, specifically downtown, where the owner now lives.”Broe Real Estate has signed a five-year contract to continue to manage the property. According to a company report, the company will continue to “aggressively seek investment opportunities throughout Southern California.”As reported on Globest.com in June of 2003, The Broe Cos. completed improvements at the property, which it had owned and operated since 1987. The renovation project entailed major interior upgrades involving the building’s lobby, elevators and athletic facility. At completion, the lobby boasted new ceilings, carpet, wall treatments and lighting, while the elevator cabs received new interiors that matched the redesigned lobby. The athletic facility was also revamped for a more updated look. Built in 1982, Fourth Avenue Corporate Center is located at the corner of Fourth Avenue and Cedar Street. Tenants at the property include San Diego Workforce Partnership, Financial 21 Community Credit Union and the law firm of Fisch, Spiegler & Ginsburg.

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