SAN DIEGO-With the recent sale of the top of the Mark Penthouse, the Radco Cos. has completed the sell-out of the Mark, a 244-unit condominium located in San Diego’s East Village, directly north of the Padres’ Petco Field. A local businessman purchased the penthouse, less than one year after the space was placed on the market.
As GlobeSt.com previously reported, when Atlanta-based the Radco Cos. took over as acting developer for the 32-story condominium building, not one unit had been sold for almost two years. The company was engaged to renegotiate the senior loan and to take over full development responsibilities from the original sponsor.
Radco was hired as a lending agent for the project and immediately restructured the property’s loans to include some additional terms and flexibility, with the agreement of all parties involved. Then Radco began a value preservation program, where they stabilized the asset, maintained its value and extracted additional value for the ownership entity, according to a prepared statement.
The marketplace responded dramatically to the turnaround strategy, according to the statement, and the building has now been advantageously repositioned and successfully marketed. With the penthouse sale, Norman Radow, Radco’s CEO, expressed satisfaction, noting that “The successful turnaround of the Mark is a prime example of the entrepreneurial approach to directing challenging turnarounds requiring multi-disciplined experience,” Radow says. “This is what we do best.”
The Top of the Mark Penthouse features a spacious two-level layout on the 32nd floor of the building, including 3,700 square feet of interior room and over 1,700 square feet of private terrace and balcony space that offers stunning panoramic views of Coronado Island and Mission Bay. The penthouse also affords privately controlled access and includes four garage parking spaces and private storage.
“The penthouse is a blank canvas that will allow the new owner to build to their personal specifications,” explains Victor Valentine, director of sales at Radco Cos. in a prepared statement. “It is very difficult to find designer ready shell space on the market, so this is truly a one-of-a-kind opportunity.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
