Rolando Plaza, a 72,427-square-foot retail center in San Diego, Calif., recently sold for $14 million through a 1031 exchange.

Orange County, Calif.-based 1401 Camino Investors LP purchased the asset from Los Angeles-based SCI Real Estate Investments LLC, despite being informed that five tenants, or 27 percent of the building’s occupancy, would be vacating the property.

Built in 1970 and situated on nearly 6.2 acres of land, Rolando Plaza is located at 6411-6535 University Ave. near San Diego State University. Tenants at the time of sale included Sav-A-Lot Foods, Davita Dialysis and Colortyme Rent To Own.

Although the center is located within the strong San Diego market, the discount store-oriented asset had some severe occupancy issues emerge during escrow, according to a press statement, and the area has had few new national retail credit tenants enter in recent years.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect Black Friday Sale! Bundle our next two events or secure your 2021 All Access Pass.SEE THE DEALS×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription