The Bragg Family Trust purchased the parcel of land located at the northeast corner of 2nd and Main Street for $3 million, according to the central San Diego office of CB Richard Ellis, which handled the transaction for the seller.
The property is situated on 1.6 acres of land, which is ground leased to Walgreens Co. for the operation of a Walgreens Drug Store with a drive-through pharmacy. The store is scheduled to open this spring.
Mike Moser and Dave Hagglund of CB Richard Ellis' San Diego Central office represented the seller, San Diego Food Holdings. Brian Quinn of Flock & Avoyer represented the buyer.
San Diego County retail construction, driven by the county's population growth and strong housing market, will continue to boom in 2001, according to a report by Marcus & Millichap.
Most of the 2.5 million sf leased in 2000 was taken in centers anchored by national chains--a large boost over 1999's 1.6 million sf, says Kent Williams, regional manager for Marcus & Millichap's local office. Williams predicted that 2001 would be even stronger, with an estimated 2.9 million sf reaching completion.
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