Saturday, July 22, 2017

HFF closes $42 million sale of a dual grocery-anchored shopping center near San Diego, CA

Rendering of Gateway Marketplace, Chula Vista, CA      (Photo by Patrick Tang)

Gleb Lvovich
NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $42 million sale Gateway Marketplace, a 127,861-square-foot shopping center anchored by both Smart & Final and Aldi in the San Diego county community of Chula Vista, California.

HFF marketed the property on behalf of the seller, a partnership between Brixton Capital and ALTO Real Estate Funds.  An affiliate of American Assets Trust, Inc. purchased the asset free and clear of existing debt.

Gateway Marketplace was completed in 1997 and redeveloped in 2016.  In addition to the dual grocery anchors, the 98.7-percent-leased center is also home to Party City, Hobby Lobby, Mattress Firm, Little Caesars and AT&T. 

Gateway Marketplace is situated on 9.95 acres at 40 North 4th Avenue in Chula Vista, which is approximately seven miles from downtown San Diego and Tijuana. 

The center is located at the northwest corner of North 4th Avenue and C Street, which have combined traffic counts of 43,400 vehicles per day.  Additionally, the center has direct east and westbound access to the South Bay Freeway, which is trafficked by approximately 146,500 vehicles per day.   

The HFF retail investment sales team representing the seller was led by managing directors Gleb Lvovich and Bryan LeyMike Moser at Retail Insite assisted as a local market contact.

“We are excited to have closed one of the first Aldi-anchored shopping center sales in Southern California and look forward to working on many more as they continue their West Coast rollout,” Lvovich said.  “Aldi’s strategy of opening in densely-populated, urban trade areas lines up well with investor demand, which is focused on placing capital in urban markets.”

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

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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