Otay Mesa Gas Station Sold for $1.2 Million

SAN DIEGO – November 11, 2009 – CB Richard Ellis announced that Otay 13 Investors LLC, with IRE Development LLC as managing member, purchased a former Chevron gas station in Otay Mesa for $1.2 million. 

Located less than one mile from the Otay Mesa border crossing at 2325 Roll Drive, San Diego 92154, the property includes a 940 square foot retail building situated on a .99-acre lot.

Reg Kobzi of the CB Richard Ellis Private Client Group represented both Otay 13 Investors LLC and the seller, Chevron USA Inc.

The property was vacant for approximately six months after Chevron closed the facility in April 2009. Otay 13 Investors LLC plans to use part of the property to expand the parking lot of its adjacent office building. The remaining .78 acres will be offered for a freestanding bank site.

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue).  The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. Please visit our Web site at www.cbre.com/sandiego.