CBRE recently facilitated the successful sale of Heritage Towne Center in Chula Vista for $14.7 million. The property, located at 1392-1394 E. Palmar St., was sold by Paragon Real Estate Investments to Palomar Heritage LLC with representation from CBRE’s Reg Kobzi, Joel Wilson, Michael Peterson, Lane Robertson, Philip Voorhees and Joe Yetter.
According to Kobzi: “Heritage Towne Center is a prime example of a stable retail asset that has maintained full occupancy even during the pandemic. This acquisition will provide the buyer with consistent and increasing cash flow.”
The mixed-use development spans 1.96 acres and is situated across from Heritage Park. It features four retail buildings totaling 36,161 square feet that were built in 2002 and are currently fully leased with a total of 21 tenants.
This transaction marks the fifth successful sale completed by CBRE on behalf of Paragon Real Estate Investments through their team members Kobzi, Wilson,Peterson,and Robertson.Yetter had previously sold this property to Paragon Real Estate Investments in2014and also handled leasing for them prior to this recent sale.
