Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Shops at Southbay Marketplace, a 5,600-square-foot retail property located in Chula Vista, California.
The asset sold for $3,300,000.
The buyer, Rand Wasserman of W4 Properties, was procured by Nick Totah, senior vice president and Ross Sanchez, senior associate for The Totah Group in Marcus & Millichap’s San Diego Downtown office.
The seller, Daniel Magy, was represented by Ryan King, senior vice president, and Josh Simms, senior associate of Voit Real Estate Services.
The Shops at Southbay Marketplace, located at 67 North Broadway in Chula Vista and built in 1999, is a three-tenant retail strip and was fully leased at the time of sale.
The property is situated between Best Buy and Walmart at the Southbay Marketplace, a premier power center with national and regional tenants, located of I-54 and Highland Avenue, serving the South Bay communities of National City and Chula Vista.
According to the brokers, the property was attractive to the buyer given its stable cash flow, high quality tenants, power center location, high density community, heavy traffic counts, and a sub-market in Chula Vista that has seen continued growth and investments.
SDBJ – 11/22/22