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6/26/18
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Protea Properties LLC closed on a significant SoCal retail buy, paying $58.5 mil for Broadway Plaza, a 356.3k sf ($164/sf) community retail center located in Chula Vista, a city within south San Diego County. It was sold by Kimco Realty.
Built in 1984 with the addition of the Walmart building in 2005, Broadway Plaza is situated on just over 32 acres at 1144 Broadway Ave. The asset is located at the submarket’s primary intersection of Broadway Ave and Naples St, just two blocks east of I-5.
The center is 100% occupied by national retailers including anchor tenants Walmart and Costco. Other tenants include Panda Express, Verizon, Subway, Chase Bank, Petco and GameStop, among others.
Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy of NKF Capital Markets represented the seller in the deal. The buyer was self-represented.
“Broadway Plaza was a truly rare investment opportunity that delivered today’s retail investor its priorities of quality real estate, dynamic submarket, density, credit and durability,” said Bethea. “The fact that both Walmart and Costco were included in the sale and that all buildings are contained on their own parcel only advance the prospects of long-term ownership.”
The center is within a dense customer base with a population of over 200,000 within a three-mile radius, as well as a large daytime population of 30,000 within a one-mile radius. As testimony to the strength of the retail within the local market, occupancy in neighboring retail exceeds 98% and is home to Target, Michael’s, Food 4 Less, Ross and Party City.
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