CT Realty Corp. bought the 106,000-sf retail center at 1050 Los Vallecitos, just off Route 78, from New York-based Bankers Trust Co. Theseller had recently inked two leases totaling 45,000 sf at the center: Heritage Furniture Co. took 30,000 sf and Arizona Leather leased 10,000sf.
The buyer plans a $750,000 renovation, on top of $1.2 million in tenant improvements to reposition about half of the center as office space.
"We have a fantastic opportunity to create new office space along North San Diego County's most important business corridor," says JohnValentine, senior vice president of Newport Beach-based CT Realty. He adds that the property has an unusually high parking ratio--six parking spaces for every 1,000 sf of leaseable space.
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