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July 17, 2018
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American Assets Trust Spends $42 Mil on Chula Vista Shopping Center


Gateway Marketplace, a 127.9k sf shopping center anchored by both Smart & Final and Aldi in the San Diego county community of Chula Vista, traded for $42 mil, or $328/sf. The asset, situated on 9.95 acres at 40 North 4th Ave, was acquired free and clear of existing debt by an affiliate of American Assets Trust Inc.

Gateway Marketplace was completed in 1997 and redeveloped in 2016. In addition to the dual grocery anchors, the 98.7%-leased center is also home to Party City, Hobby Lobby, Mattress Firm, Little Caesars and AT&T.

Gateway Marketplace is situated in Chula Vista, which is approximately seven miles from downtown San Diego and Tijuana. The center is located at the northwest corner of North 4th Ave and C St, which have combined traffic counts of 43,400 vehicles per day. Additionally, the center has direct east and westbound access to the South Bay Freeway, which is trafficked by approximately 146,500 vehicles per day.

Gleb Lvovich and Bryan Ley with HFF, along with assistance from Mike Moser at Retail Insite, represented the seller, a partnership between Brixton Capital and ALTO Real Estate Funds.

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