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Land for Luxury Dwellings Fetches $1.7 Mil

SAN DIEGO-Park Laurel Investors LLC has secured a key parcel for the development of the Park Laurel on the Prado luxury residential project. The investors paid $1.7 million for the building located at 540 Laurel St.

By Randyl J. Drummer | Updated on October 02, 2001

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.

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