07
Oct2014
Voit Real Estate Services/CORFAC Directs $2.75 Million Sale of 9,945 SF Retail Property in San Diego
Contact: Brandon Keith858-458-3326bkeith@voitco.com
San Diego, CA (October 7, 2014) – Brandon Keith, Senior Vice President in Voit Real Estate Services’ San Diego office, successfully directed the $2.75 million sale of a 9,945 square-foot retail property in San Diego, on behalf of the seller, Goldman San Diego Properties, LLC, Sue Weiss and Lisa Fredrickson. The buyer, Howard Park of 1999 Park Family Trust, owner of T-Shirt Mart and several related retail stores, will use approximately 60% of the building for his business and lease the balance out to retail oriented tenants, according to Keith.
“This was the first time the property was on the market since the seller constructed it in the 1960’s,” according to Keith. “At $275 per square foot, it shows strength and desirability of the Kearny Mesa commercial market.”
The property was originally built for Color Tile, who occupied it for over 20 years, followed by the two previous retail tenants who occupied it for the last twenty years. The buyer intends to start construction immediately to upgrade the building fascia, landscaping, and large 20+’ high signage to give the property a modern retail look. The property is located at 7763-67 Balboa Avenue in San Diego.
About Voit Real Estate ServicesVoit Real Estate Services is an 11 office commercial real estate firm that, through its brokerage and real estate management professionals working together, provides strategic property solutions tailored to clients' needs. Combining more than 40 years of expertise in brokerage, investment advisory, financial analysis, market research, real estate management and tenant advisory, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 55 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $40 billion in brokerage transaction volume. Further information is available at www.voitco.com.
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