Positive Investments Inc paid $2.75 mil for Otay Crossroads, a 29.8k sf retail center located at 2445-2455 Otay Center Dr, at the intersection of Hwy 905 and Siempre Viva Rd in Otay Mesa. The property sold after being on the market for less than two months.
Otay Crossroads is situated on 3.91 acres of land, which includes two additional pads that could be used for future development. Built in 1991, the property is currently 66 percent occupied by tenants that include AutoZone, SD Freightliner, 99 Cent Store and several food outlets.
Brent Bohlken, senior managing director, and Bob Teglia, associate, with Newmark Grubb Knight Frank represented both the buyer and the seller, California Coast Credit Union, in the transaction. California Coast took ownership of the center in March 2012 as an REO property.
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