SoCal retail center fetches $3.9 million
10,000-square-foot property fully occupied
By Inman News, Friday, April 11, 2008.La Jolla Development Group has purchased the Convoy & Balboa Retail Center in Kearny Mesa, Calif., for $3.9 million.
The 10,620-square-foot neighborhood shopping center is located at 4488 Convoy St., and was fully occupied by seven tenants at the time of sale. Major tenants include Sunglass & Optical Warehouse, JP's Bait and Tackle and PayDay Loan.
The sale also included two billboards, both on long-term leases with CBS Outdoor.
The seller was Lebow Investment Company.
Grubb & Ellis|BRE Commercial brokers Michael Roberts, Glenn Arnold and Steve Rowland represented the seller, and the buyer represented themselves.
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