Nearly $8M Lands Retail Center

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SANTEE, CA-While institutional money continues to flood Southern California’s commercial real estate markets, private and individual investors continue to make market plays, particularly in retail product. In a recent deal, the Rogers Family Partnership picked up a local retail property for $7.5 million. Rogers acquired the parcel from Norton Karno and Chris Coseo.Located at 235 Town Center Parkway, the property is a 23,385-sf portion of the Santee Town Center. The property’s tenants include Tuesday Morning, Barrett Homes and Super Cuts. Richard Lebert of Colliers International represented Karno and Coseo, while Bud Marsh, also of Colliers International, represented the Rogers Family Partnership.The Santee Town Center is part of a master-planned 706-acre development. Within the master plan are adjacent retail centers that include major retailers such as Costco, Wal-Mart, Home Depot, Target and Lowes Home Improvement Center.La Jolla Pacific Development originally developed the Santee Town Center in 1990. Coseo acquired the property in 2001 for $8.5 million.Earlier this year, a 14,800-sf land parcel at Santee Town Center sold for $2.2 million. T-Mobile and National Vision Inc. occupy space at a 4,525-sf freestanding building located on the parcel. Lebert of Colliers International represented the sellers in that deal.The City of Santee is experiencing a swell of development projects. The largest development in the pipeline is the Ryan Cos.’ RiverView project.The Minneapolis-based Ryan has a 10-year deal with the City of Santee to develop RiverView, a potentially 1.9-million-sf mixed-use site. The project includes office, residential, tech and R&D space.Ryan has already completed Phase I, an 80,000-sf regional office for Hartford Insurance. Phase II, which breaks ground this fall, includes 62,000 sf of office, a 10- to 14-screen movie theater and 240 residential condos.