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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.
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| 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.
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| 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.”
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| 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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