(EDITOR’S NOTE: The transaction came to just under $383 per square foot.)
CBRE announced that a partnership controlled by San Diego-based CEG Capital Partners-has purchased Convoy Village, a retail center in the Kearny Mesa neighborhood of San Diego, for $16.2 million.
Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller, Harbaugh Convoy, LLC, in the transaction.
Located at 4344 Convoy Street, the 42,338 square-foot property was originally constructed in 1974 on a 3.25-acre site. The asset is 100 percent occupiedby a mix of 20retail, restaurant and service tenants. The asset was recently remodeled at a cost of over $1 million and features 135 parking spaces.
“Convoy Village is among the strongest retail centers in Kearny Mesa, one of San Diego’s most thriving dining destinations,” said Mr. Kobzi. “The recent update to the Kearny Mesa Community Plan will result in the addition of thousands of housing units and jobs in the area, fortifying Kearny Mesa as one of the most exciting and desirable neighborhoods in San Diego.”
Pat Geary of CEG Capital Partners stated, “As active participants in Kearny Mesa with a deep appreciation for the area, we are thrilledwith the opportunity to acquirethis property. Welook forward to continuing the pride of ownership demonstrated by the original developer and long-time owner.”
The CBRE team also represented the buyer in the transaction.
