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April 22, 2024
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Protea Properties Closes on $47 Mil of San Diego Commercial Real Estate


Protea Properties LLC purchased five San Diego-area commercial properties totaling 231.9k sf in a $47 mil transaction. Four of the properties are located in Chula Vista and one office building in Mission Valley.

This portfolio, which includes five highly desirable projects with a history of strong occupancy and rent growth, has been owned and managed by Carleton Management Company for over 20 years. Tenants in the portfolio include: Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. The four Chula Vista properties are located west of Interstate 5, adjacent to the new Chula Vista Bayfront Development.

The properties in this transaction include the following:

630 Bay Blvd - 100% leased, freeway visible industrial/showroom building totaling 48.8k sf, situated on 2.79 acres

660 Bay Blvd - 100% leased, two-story multi-tenant office building totaling 32.6k sf, situated on 1.53 acres

780-784 Bay Blvd - 100% leased, office/industrial building totaling 99.6k sf, situated on 5.44 acres

830 Bay Blvd - single tenant, flex/office building totaling 30k sf, situated on 3.63 acres

5920 Friars Rd - 92% leased, multi-tenant office building totaling 20.8k sf, situated on .74 acre

The seller, local real estate development firm Carleton Management, was represented by Randy LaChance, Sr. with Voit Real Estate Services. The buyer was self-represented.

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