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7/27/16
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Hillside Village Plaza, an 18.9k sf retail property in San Diego’s North Park area, sold for $5.3 mil ($280/sf). The property is located at 1900-1995 El Cajon Blvd, south of I-8, between Hwy 163 and I-805. The North Park area was named one of America's hippest neighborhoods by Forbes magazine and is a high demand area for both residents and retailers.
Hillside Village Plaza’s tenants include 7-Eleven, Sally Beatuy Supply, Subway, Domino’s, H&R Block, WingStop, and Check Into Cash among others. The property was constructed in 1985 and is subject to a long-term ground lease.
Mark McEwen of Colliers International San Diego Region represented the San Diego-based sellers, McEwen-Otay LLC and MP McEwen I, LLC. The San Diego-based buyer, Hillside Shopping Center LLC, had no outside representation. Reef Real Esate Services will continue to serve as property manager for Hillside Village Plaza.
In a nearby deal, Boulevard Plaza Shopping Center, a 12.6k sf retail property also on El Cajon Blvd, traded hands in a $3.7 mil ($294/sf) transaction. Boulevard Shopping Center is situated on .58 acres at 2800-2820 El Cajon Blvd, also west of I-805 and south of I-8. The property was 100% leased at the time of sale.
Chris Rink, CCIM, with SVN/Asset Advisory Group represented the buyer, 2800 El Cajon Blvd LLC, and the seller, Boulevard Plaza San Diego LLC, in the transaction.
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