CBRE Arranged the $14.7 Million Sale of Heritage Towne Center

CBRE facilitated the $14.7 million sale of Heritage Towne Center, located at 1392-1394 E Palmar Street in Chula Vista, California.

CBRE’s Reg Kobzi, Joel Wilson, Michael Peterson, Lane Robertson, Philip Voorhees and Joe Yetter represented Paragon Real Estate Investments in selling the property to Palomar Heritage LLC.

“Heritage Town Center is a perfect example of a stabilized retail asset,” said Mr. Kobzi. “The property has been 100% leased—even during the pandemic and will provide the buyer with stable and growing cash flow.”

The mixed-use project is located on 1.96 acres immediately across from Heritage Park. It consists of four retail buildings totaling 36,161 sq. ft. Built in 2002, the property is fully occupied with 21 tenants.

This is the fifth asset sold by Mr. Kobzi, Mr. Wilson, Mr. Peterson and Mr. Robertson on behalf of Paragon Real Estate Investments. Mr. Yetter initially sold the property to the seller in 2014 and leased the property.