Newmark Grubb Knight Frank (NGKF) today announced that Brent Bohlken, senior managing director and Bob Teglia, associate represented both parties in the sale of the Otay Crossroads retail center, located at 2445-2455 Otay Center Drive in Otay Mesa. The property was purchased by Positive Investments, Inc. for $2.75 million after being on the market for less than two months.
Situated at the intersection of Highway 905 and Siempre Viva Road, the Crossroads consists of 29,816 square feet of leasable retail space on approximately 3.91 acres of land, including two additional pads that could be used for future development. Built in 1991, the property is currently 66 percent occupied by tenants that include AutoZone, SD Freightliner, 99 Cent Store and several food outlets.
California Coast Credit Union, which took ownership of the center in March 2012, selected Bohlken and Teglia to market the property for sale at the end of April based on the team’s successful track record with REO transactions. In the first half of 2012, Bohlken and Teglia completed more than 10 transactions involving bank-owned assets in the greater San Diego market with a total combined consideration of $20 million for a variety of lenders, including Bank of America, Zions Bank, Pacific Western, Union Bank, Northern Trust, Seacoast Commerce Bank and California Bank & Trust.
“This year we’re seeing fewer lender-owned assets coming to market in San Diego County,” Bohlken said. “If you can identify REOs, these properties present outstanding upside potential in established submarkets.”
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark Knight Frank; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank employ more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.