An 84,856-square-foot shopping center in Chula Vista, Calif., has sold in a deal valued at $23.4 million.
Naples Plaza, which was 97.5 percent occupied at the time of sale, is located at the northwest corner of Third Avenue and Naples Street in Chula Vista, across the street from the San Diego Country Club.
The center is anchored by El Tigre Market, which is scheduled to open in three weeks. El Tigre recently signed a sublease with Ralph’s Grocery Co., which had previously occupied the space. Home Depot has also recently signed a lease to occupy the adjacent former Kmart property, which is also currently vacant, and has plans to build a new 126,571-square-foot Home Depot Store with Garden center.
The seller was Naples Plaza Ltd, L.P., a California limited partnership. The buyer was a combination of three separate LLCs managed by Premier Coastal Development.
Naples Plaza and the new Home Depot will represent a significant component to the newly expanded Redevelopment Area under the direction of the Chula Vista Redevelopment Agency.
Grubb & Ellis/BRE Commercial, handled negotiations on behalf of the buyer. The seller handled its own negotiations.
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