Chula Vista, CA
CBRE Arranged the $14.7 Million Sale of Heritage Towne Center
The 31,161-sq.-ft.-property is fully leased to 21 tenants
August 19, 2024
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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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.