SAN DIEGO – Cassidy Turley BRE Commercial, San Diego’s market leader in commercial real estate services, today announced that Mar Vista Centre in Vista sold for $2.19 million.
Located at 1275 South Santa Fe Avenue, the 15,600-square foot strip retail center sits on 1.42 acres of land and consists of 20 suites currently leased to 12 tenants. The property was built in 1987 and offers ample parking and excellent visibility. The capitalization rate based upon the current rent roll at closing is approximately 7.4 percent.
Ray Adams of Cassidy Turley BRE Commercial represented the buyer, Primrose Park Apartments, LLC in the transaction. Matty Sundberg, Mark Avilla, and Bob Cowan, also with Cassidy Turley BRE Commercial, represented the seller, RLS Investments, LLC. Title and escrow services were provided by Chicago Title. Teresa McElaney was the escrow holder and Mark Brady was the title representative. A new $1.35 million loan was originated by Tonnie Blinks of Sunrise Mortgage.
Adams also represented and assisted Primrose Park Apartments, LLC in the completion of their 1031 tax deferred exchange. The client sold a 22-unit apartment building in April 2011 in which the purchase of Mar Vista Centre is the replacement property.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with 3,000 professionals in 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $17 billion in 2010, manages 430 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Cassidy Turley provides regional real estate services with local San Diego market leader Cassidy Turley BRE Commercial. The company’s dominant market presence includes more than 160 professionals and staff in five local offices and recorded nearly $1.2 billion in transactions in 2010. For more information about Cassidy Turley BRE Commercial, please visit www.brecommercial.com.