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2/05/16
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Calexico Commons, a 145.4k sf retail shopping center in SoCal’s Imperial County, sold for $5.3 mil ($36/sf). Built in 1982, the center sits on 10.75 acres of land at 2300 Imperial Ave, south of I-8 and just north of the international border with Mexico.
The shopping center is anchored by Dollar Tree and Fallas Paredes. There is also a vacant pad that can add approximately 13.5k sf of additional retail or a 3.2k sf restaurant building with a drive-thru component.
Reg Kobzi, Brad Jones and Joel Wilson of CBRE represented the seller, B. H. Properties, LLC. The buyer was an affiliate of Pacific Properties Group, Inc.
“This transaction reflects our continued commitment to relocate our portfolio to more primary and secondary markets within the western United States. We are hoping to acquire more than $200 mil in new acquisitions in 2016,” said Steve Gozini, President and CEO of BH Properties.
The property is in proximity to an active retail quadrant. Calexico is the second largest city in the Imperial Valley with approximately 40,744 residents. The property is visible from Hwy 111, which connects I-8 to the Mexicali border crossings.
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