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Upgraded Center Nets $11M

SAN DIEGO-Voit Rolando Partners LLC, with Voit Development as managing partner, sells the Rolando Plaza Shopping Center retail asset to an entity of SCI Properties. Voit had purchased the center in September 1998 for $4.7 million.

By Erin Cassin | Updated on December 03, 2003

SAN DIEGO-Five years after its $4.7-million acquisition of the Rolando Plaza Shopping Center, a Voit Development entity has sold the grocery-anchored retail asset located at 6411-6535 University Ave. in San Diego for $10.6 million.

While under the ownership of seller Voit Rolando Partners LLC (with Voit Development as managing member), Rolando Plaza was extensively repositioned. Voit implemented both exterior and interior upgrades, including new pylon signs; electrical and plumbing renovations; irrigation, landscape and parking lot rehabs; a new exterior color scheme; and a variety of individual tenant improvements.

When Voit acquired the retail asset in 1998, anchor tenants Albertson’s Grocery, Cal Stores Sporting Goods and Kragen Auto were all slated to vacate the property. As a result, occupancy here fell to 30% soon after Voit purchased the center. However, during its five years of ownership, Voit brought the center up to a 94% occupancy rate, with new leases totaling more than $7 million. New tenants include Save A Lot Foods with 14,000 sf; NAPA Auto Parts with 8,000 sf; Gambro Healthcare with 8,503 sf; Starbucks Coffee with 1,300 sf; Salvation Army with 12,040 sf; PWS Coin Laundry with 2,534 sf; and Colortyme Rent To Own with 5,077 sf.

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