Thursday, May 16, 2013

Charles Dunn Company Completes $3.85 Million Sale of Retail Property in San Diego, CA


  

                                 Crosby Square Shopping Center, San Diego, CA
  
LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3.85 million sale of Crosby Square, a 13,414-square-foot retail property with two second-story apartment units. 

Justin Mendelson
Situated in the southern Downtown San Diego submarket, the property is located at 1879 Logan Avenue, just off the I-5 Freeway and near the Coronado Bridge.

Justin Mendelson, Darrell Levonian, and Fred Sheriff of Charles Dunn Company represented the seller, Lee Family Trust from Newport Beach, Calif., as well as the buyer Crosby Square, Inc. from San Diego, Calif.  The closing capitalization rate was 6.75 percent. 

Darrell Levonian
Built in 1989, Crosby Square Shopping Center is situated on .55 acres of land and is 100 percent occupied.  There are a total of 11 retail tenants in the center as well as two apartment units.  The new owner plans some extensive re-positioning of the property in the appearance and tenant mix.

“This property has seen continued interest from several national retailers,” said Mendelson.  “The property is situated in an area called Barrio Logan which is a developing submarket in the area.  The buyer saw that growth potential, and saw the purchase as a long-term investment.” 

Fred Sheriff
Fred Sheriff commented: “Development has been underway for quite some time to upgrade the Barrio Logan area, which included the recent completion of a 93-unit apartment building just west of Crosby Square.  The changing demographic will require new retailers to serve their needs.”

The sales team also noted that the buyer obtained excellent new financing from Wells Fargo Bank.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

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