The fully leased six unit neighborhood retail center located at 231 3rd Avenue was sold for $1,400,000.The center is located on the north end of the 3rd Avenue Village corridor in Chula Vista. This was an upleg purchase for the buyer’s 1031 exchange with the property being fully leased at the time of sale. “The 3rd Avenue Village is experiencing a revitalization spearheaded by New City America, Inc., a company best known for their work in the Little Italy area of San Diego. This revitalization in addition to an already strong market has been pushing values and demand on the corridor up substantially over the past year,” Kerner commented.
Address: 231 3rd Avenue, Chula Vista, CA 91910
APN: 568-071-14-00
REPRESENTATION
Seller Representation:
Company Name: Pacific Coast Commercial
Broker Rep: Kurt Kerner/Shirley Kanamu
Buyer Representation:
Company Name: Pacific Coast Commercial
Broker Rep: Blanche Golia/Valley Coleman
SALE DETAILS
Property Type: Neighborhood Retail
Square Footage: 4,392 SF
Sale Price: $1,400,000
Close of Escrow Date: April 8, 2022
Seller Name: Reigner Living Trust
Buyer Name: SEV Holdings LLC
Escrow Company: Granite Escrow/Lynn Yockey
Title Company: Corinthian Title/Carmen Vinti
Financing: Innovative Capital Corporation/David Ibrahim
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