San Diego, CA – February 2, 2016 – CBRE Group, Inc. announced the sale of Calexico Commons, a 145,378-square-foot retail shopping center, located at 2300 Imperial Avenue, in Imperial County for $5.3 million. CBRE’s retail experts, Reg Kobzi, Brad Jones and Joel Wilson represented the seller, B. H. Properties, LLC. The buyer was an affiliate of Pacific Properties Group, Inc.
The shopping center was built in 1982 and is situated on 10.75 acres of land. It is anchored by Dollar Tree and Fallas Paredes; there is a vacant pad that can add approximately 13,500 square feet of additional retail or a 3,150 square foot restaurant building with a drive thru component.
“This transaction reflects our continued commitment to relocate our portfolio to more primary and secondary markets within the western United States. We are hoping to acquire more than $200 million in new acquisitions in 2016, and we’re excited to redeploy this equity into new opportunities,” said Steve Gozini, President and CEO of BH Properties.
“This is a great value added opportunity with rents well below market, re-merchandise possibilities, prime lease up opportunities and an available pad fronting on Highway 111,” said Mr. Kobzi.
The property is in proximity to an active retail quadrant. Calexico is the second largest city in the Imperial Valley with approximately 40,744 residents. The property is visible from Highway 111 which connects Interstate 8 to the Mexicali border crossings.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
