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SAN DIEGO- Laurel Bay LLC has acquired the retail portion of a mixed-use complex just north of Downtown for $6.9 million. The parcel includes both retail components and newly converted condominiums which are expected to sell in the range of $450,000-$850,000.The building, Laurel Bay, is located at 2400 5th Ave., and underwent condo conversion shortly after its completion in 2003. The retail component is currently 75% leased with Starbucks, Postal Annex and a dry cleaning service as tenants. Other future tenants include a Gemeli Italian Restaurant, a convenience market and a residential real estate office.Bill Shrader from Burnham Real Estate represented the seller, Hammer Laurel Condominiums LLC, while Greg Wagner of Capital Growth Properties represented the buyer. Shrader tells Globest.com that the sale was a net-lease transaction and there is currently 3,411 sf of retail space available for lease. The project is located on the city block bounded by Fourth and Fifth avenues and Kalmia and Laurel streets. The 150 condominium units are expected to go on the block soon and will consist of studios, flats and lofts. Amenities include a swimming pool, game room and underground parking for both residents and shoppers. According to Shrader, the area is following Downtown's example of incorporating retail with condominiums. "This is the first of many commercial condos to come to Laurel Bay. The sale is indicative of the urban mixed-use properties spreading near Downtown," he tells Globest.com.Shrader recently represented the seller of another mixed-use property in the area, Atria on Market. The retail-residential property is comprised of 149 condominiums and leases to tenants such as Countrywide Home Loans, Prudential Realty and Starbucks.Laurel Bay was bought by Hammer Ventures in 2004 for $56.6 million with the intention of converting the apartments to condos. The property then had 130 apartments. At the time of the sale, Hammer Ventures president Jon Hammer told Globest.com that it was the location that prompted him to buy, as well as the overall quality of the property, which was originally built in 2003. "It's absolutely a 10-plus location. It's a few blocks from downtown, a half-mile from the airport, it's close to three major freeways and it's also right at the entrance to Balboa Park," Hammer told Globest.com.