Local Investor Buys Chula Vista Industrial, Retail Site for $4.61 Million

Broadway Auto Plaza, 1137 Broadway. Photo credit: Screen shot, Google Street View

Two Chula Vista commercial sites, one for industrial tenants, the other for a single-tenant retailer, have been sold for $4.61 million, according to a real estate firm.

Nicholas Totah, first vice president and Joseph Gutierrez, an investment associate for the Totah Group in Marcus & Millichap’s San Diego Downtown office, represented the sellers, Joe Kellejian – the one-time mayor of Solana Beach – and Marian Kellejian.

The buyer, North Park Sunshine, LLC, a local private investor, was also secured and represented by Gutierrez and Totah.

Broadway Auto Plaza, located at 1137 Broadway and fully leased at the time of sale, includes an industrial building with five tenants. The single-tenant building is leased to a car wash.

The total rentable area is 10,428 square-feet and the property has not changed hands for nearly 50 years.

Originally developed in 1989, the buildings are located across from Broadway Plaza, anchored by Costco and Wal-Mart, and the Palomar Trolley Center, anchored by Target.

Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm, specializes in investment sales, financing, research and advisory services.