Westcore Poway Plaza LLC and New York-based Longwing Real Estate Ventures LLC have purchased the Poway Plaza shopping complex from Spa Holdings LLC of Orange County. Comprised of five facilities, Poway Plaza encompasses a total of 74,060 sf. It is located at 12622-12666 Poway Rd. and tenants include anchor Rite-Aid, as well as Subway, Primo Day Spa, Hallmark and Nutri-Mart. In addition, 12,000 sf of space was leased up during escrow to K-5 Boardshop and Water for Life.

Pete Bethea, John Jennings and Rob Ippolito of the San Diego office of Burnham Real Estate Services acted on behalf of both Spa Holdings and the joint venture partnership. HSBC Bank served as the buyer's lender.

"Poway Plaza represents a rare value-add retail opportunity in San Diego," says Bethea. "Westcore possesses the local expertise to take advantage of the re-merchandising and tenanting opportunities that currently exist," he adds. Bethea also notes that the firm plans on investing $500,000 toward upgrading the physical plant, which he sees as a "key component" for Westcore to execute its strategy.