A Chula Vista shopping center has been sold for $30.7 million.
The 58,761 square-foot Bonita Point Plaza at East H Street and Otay Lakes Road was acquired by SENTRE, a real estate investment and development firm headquartered in downtown San Diego.
The seller was Bonita Point Plaza, a limited partnership managed by Sudberry Properties.
Built in 1989, the shopping center has 27 tenants including Ralphs, Rite Aid, Starbucks, Chipotle, Subway, Wells Fargo, Chase Bank and Navy Federal Credit Union.
SENTRE plans to invest $1 million on improvements.
“Bonita Point is a necessity-based retail opportunity with both drug and grocery anchors and an attractive and complementary food experience which serves both the adjacent student population and the local trade areas,” said Doug Arthur, president and CEO of SENTRE.
“We look forward to further modernizing the shopping center, fine-tuning the retailer mix and continuing to serve the neighborhood,” Arthur said.
Representing the seller were Steve Avoyer and Brad Williams of Flocke & Avoyer Commercial Real Estate and John Still of Point Realty Advisors.
Financing was arranged by Scott Peterson, Bill Chiles, Brian Cruz and Morgan Frazer of CBRE.
Real estate reporter Ray Huard may be reached at firstname.lastname@example.org or 858-277-8904.