3rd Avenue Village Retail SOLD


The fully leased six unit neighborhood retail center located at 231 3rd Avenue was sold for $1,400,000.The center is located on the north end of the 3rd Avenue Village corridor in Chula Vista. This was an upleg purchase for the buyer’s 1031 exchange with the property being fully leased at the time of sale. “The 3rd Avenue Village is experiencing a revitalization spearheaded by New City America, Inc., a company best known for their work in the Little Italy area of San Diego. This revitalization in addition to an already strong market has been pushing values and demand on the corridor up substantially over the past year,” Kerner commented.


Address: 231 3rd Avenue, Chula Vista, CA 91910

APN: 568-071-14-00


REPRESENTATION

Seller Representation:

Company Name: Pacific Coast Commercial

Broker Rep: Kurt Kerner/Shirley Kanamu


Buyer Representation:

Company Name: Pacific Coast Commercial

Broker Rep: Blanche Golia/Valley Coleman


SALE DETAILS

Property Type: Neighborhood Retail

Square Footage: 4,392 SF

Sale Price: $1,400,000

Close of Escrow Date: April 8, 2022

Seller Name: Reigner Living Trust

Buyer Name: SEV Holdings LLC

Escrow Company: Granite Escrow/Lynn Yockey

Title Company: Corinthian Title/Carmen Vinti

Financing: Innovative Capital Corporation/David Ibrahim




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