GRUBB & ELLIS HANDLES $6.7 MILLION CONDO DEVELOPMENT PURCHASE

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LA MESA, CALIF. — Grubb & Ellis|BRE Commercial has brokered the $6.7 million acquisition of Stoneridge by the Lake Condominiums in La Mesa. Located at 5707 Baltimore Dr., the more than 30-year-old property features five buildings on 2.24 acres of land. The transaction encompassed 47,705 rentable square feet, including 42 of the 51 total condominium units in the complex. Grubb & Ellis|BRE Commercial’s Diane Miramontes, Darcy Miramontes, Hunter Combs and Kip Malo represented the undisclosed buyer. The fractured condo development was sold by a large international bank, which was also the original lender on the property’s conversion in 2006-2007.

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