Kimco Realty has sold Broadway Plaza, a 356,335-square-foot community retail center in San Diego County’s Chula Vista, California, for $58.5 million to Protea Properties LLC. The center is 100 percent occupied by national retailers including anchor tenants Walmart and Costco.
NKF Capital Markets vice chairman Pete Bethea and senior managing directors Rob Ippolito and Glenn Rudy represented the seller in the transaction. The buyer was self-represented.
“Broadway Plaza was a truly rare investment opportunity that delivered today’s retail investor its priorities of quality real estate, dynamic submarket, density, credit, and durability,” says Bethea. “The fact that both Walmart and Costco were included in the sale and that all buildings are contained on their own parcel only advance the prospects of long-term ownership.”
Other tenants include Panda Express, Verizon, Subway, Chase Bank, Petco, and GameStop, among others.
Built in 1984 with the addition of the Walmart building in 2005, Broadway Plaza is situated on just over 32 acres at 1144 Broadway Avenue. The asset is located at the submarket’s primary intersection of Broadway Avenue and Naples Street, two blocks east of I-5. The center is within a dense customer base with a population of over 200,000 within a three-mile radius, as well as a large daytime population of 30,000 within a one-mile radius. Occupancy in neighboring retail exceeds 98 percent and includes Target, Michael’s, Food 4 Less, Ross, and Party City.