H St. Plaza LLC has sold the property to George C. Scoortis, Lidia L. Scoortis, Alan I. Charap and Gail Evans Charap. The buyers have financed the purchase with a $1.3-million loan from Quaker City Federal Bank.
Constructed in 1960, the asset stands on a 4,125-sf lot located at 498 4th Ave. The two-story building encompasses a total of 9,000 sf.
The recent transaction was brokered by Chuck Weinberger of Award Commercial Properties. Commenting on the market, Weinberger tells GlobeSt.com that "sales of small retail buildings in Chula Vista are rare and in great demand." He characterizes Chula Vista as an area that "is undergoing a large redevelopment of retail and residential properties."
With a population of approximately 200,000 residents, Chula Vista is expected to significantly expand over the next 16 years. According to city officials, the region is predicted to grow by nearly 100,000 people from the year 2000 to 2020. This population influx will provide the city with both an increased residential base and a substantial consumer pool.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
