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SAN DIEGO-The Fourth Avenue Corporate Center has changed hands for the second time in less than a year, and now it will change tenancy as well. The 8-story, 91,143-sf property is an office building no longer—it's being converted to condos.The building sold recently for $18.6 million, with 1515 Partners LLC, managed by condo conversion specialist Skandia Construction Services, picking up the property from JM 43 LP. Tony Russell and Chris Hobson of Grubb & Ellis|BRE Commercial represented JM 43 LP in the deal. Tim Winslow and Josh Vasbinder, also of Grubb & Ellis|BRE Commercial, represented 1515 Partners LLC.The building was 55% leased at the time of the sale and Skandia has bought out the existing office tenants, according to Russell. "Skandia gave the majority of the existing tenants checks for 30% of their remaining leases and gave them a moving allowance," Russell tells Globest.comHe says that in all, Skandia paid out around $1 million to the tenants on floors 2-8, all of whom are between 5,000 sf to 10,000 sf. Most of the tenants in the building are small law firms and have been given 60 days to vacate the property, according to Russell.The ground floor is rented out to retailers and will remain retail, while the upper floors will be converted to 60 residential units. Skandia has already begun renovating the spaces that have been vacated or were already unoccupied and is looking at a timetable for the middle of next year to have units available for sale. No figures were released on asking prices for the units.Skandia has additional conversion plans, according to Russell. "They are looking at another parcel on the block and already in talks on that property," he adds.The Fourth Avenue building sold last October to JM 43 for $15.2 million. The company had intended to use the property for its corporate headquarters, but their move was delayed and they wound up capitalizing on the condo conversion craze instead. The facility was built in 1982 and had been owned and managed by The Broe Companies Inc. since 1987.