JLL Capital Markets has arranged the sale of The Shops at Parkway Plaza, a grocery-anchored retail center in El Cajon, with the transaction priced at $31.5 million. The open-air center totals 122,484 square feet and was sold by a private owner to a Texas-based family office, reflecting ongoing investor interest in necessity-based retail assets. JLL represented the private seller in the disposition.
The Shops at Parkway Plaza is located at 149 Fletcher Parkway, adjacent to the regional Parkway Plaza Mall in East County San Diego. The center benefits from its position next to an established regional shopping destination that draws a broad trade area. Tenancy at the property is anchored by a grocery component and supported by a roster of national retailers and restaurant brands.
The tenant mix includes well-known national names such as Best Buy, HomeGoods, Aldi, Texas Roadhouse and Applebee’s. Aldi serves as the grocery anchor, complementing soft-goods, electronics and casual dining offerings at the center. The combination of an investment-grade national tenant roster and daily-needs orientation underscores the appeal of the asset to private capital.
JLL Capital Markets’ Investment Sales and Advisory team marketed the property and represented the seller in the transaction. The team was led by managing director Daniel Tyner, along with senior managing directors Geoff Tranchina and Gleb Lvovich. Their mandate focused on positioning the center’s grocery-anchored profile and tenant quality to a wide range of capital sources, ultimately securing a Texas-based family office as the buyer.
Commenting on broader market dynamics, Tyner noted that grocery-anchored neighborhood retail continues to perform well and attract strong interest from multiple types of investors. He added that The Shops at Parkway Plaza provided an opportunity to acquire a well-performing daily-needs center with potential for net operating income growth. The transaction highlights the continued role of grocery-anchored assets as a favored segment within the retail investment landscape.
The sale of The Shops at Parkway Plaza illustrates how stabilized, grocery-anchored centers with national tenants remain competitive in the transaction market, even as investors carefully underwrite risk and income durability. By focusing on essential retail categories and a recognizable tenant mix, the property aligns with investor preferences for defensible cash flow in a changing retail environment.
