Downtown Parking Structure Changes Hands

SAN DIEGO— Madison Partners has arranged the sale of the Parking Palace , a class A parking and retail structure in Downtown San Diego. Emmes Grouup , a real estate investment group and fund manager based in New York and California paid $15 million for the acquisition.

San Diego

The 22,000 square foot property is located in the epicenter of a significant wave of infill development Madison Partners says. The Parking Palace consists of a 578-stall, eight story parking facility with 14, 277 rentable square feet of street-level retail space.  Bob Safai, Matt Case, and Brad Schlaak brokered the transaction on behalf of the seller, L&R Group . Constructed in 1991, the Parking Place is located within the rapidly growing Downtown San Diego Market, one of the fastest growing markets in California. The Downtown  population,  currently  30,000 residents, with 75,000 daily workers, is expected to have 90,000 residents and 165,000 workers by 2030. The sale is subject to the assumption of an existing loan. Madison  says it executed the sale after two previous offerings by other brokerages did not yield successful  results.