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.