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| Rendering of Gateway Marketplace, Chula Vista, CA (Photo by Patrick Tang) |
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| Gleb Lvovich |
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 Ley. Mike 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 | www.hfflp.com
or follow and connect with ALTO on LinkedIn,
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