J. Kevin Mulhern, Dick Schneider, Dixie Hall and Rachel Hemingway of CB Richard Ellis' San Diego Central office represented both the seller and the buyer. The building was sold by San-Diego based OliverMcMillan, which is currently developing $150 million of urban loft projects in San Diego.

"The Downtown condo market continues to be very strong, especially for entry-level product in the $300,000 to $500,000 price range," Mulhern tells Globest.com. "Most new developments are still being sold-out prior to actually being completed."

The Lofts at 777 Sixth Ave. project was built in 2004. The converted condo units will hit the market later this summer, selling for approximately $500 to $550 per sf. The interiors of the units will feature granite countertops; wood laminate type and/or stained concrete flooring; full-size washers/dryers; vaulted ceilings; and central heat and air conditioning. Besides the 103 lofts, the 777 Sixth Ave. property includes 7,180 sf of ground floor retail space leased to LG's Prime Steakhouse. Configured into two four-story buildings over a subterranean parking garage, the lofts include a business center and an interior courtyard with barbecue areas.