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5/07/20
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A 44k sf Vons grocery store in San Diego was acquired by a Los Angeles-based private investor for $27.7 mil ($630/sf).
Located at 4145 30th St in the North Park neighborhood of San Diego, the building sits one half-mile west of I-805, a major freeway that connects the area to the rest of San Diego County. Vons is on a current lease that runs through June of 2039.
CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack and Bryan Johnson represented the 1031 exchange buyer in the off-market transaction. The seller, a Texas-based investment firm, was self-represented.
“The North Park neighborhood of San Diego continues to undergo an incredible resurgence in the last five to ten years and is prime for investment,” said Stache.
DeLorenzo added, “1031 exchange buyers are currently the most active buyers in the market. We expect this activity to continue as the 1031 exchange identification period has been extended to July 15th.”
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