Retail Complex Rings Up $14M for Family Trust

LA MESA, CA-An LLC has bagged the La Mesa Crossroads retail complex in a deal valued at $14 million.

Otay Mesa International Plaza LLC has acquired the 172,500-sf shopping center from Beauchamp Family Trust. Anchored by Burlington Coat Factory, El Torito Restaurant and 99¢ Only Store, the property is located at 7900-7968 El Cajon Blvd. in La Mesa. It was 92% occupied at the time of sale. The buyer plans to hold the retail complex as an investment, according to a company spokesperson.

Joseph Smith of Burnham Real Estate Services ONCOR International acted on behalf of Otay Mesa International Plaza LLC. Beauchamp Family Trust was represented by Pete Bethea, who is also with Burnham Real Estate Services.

Earlier this summer, Marcus & Millichap Real Estate Investment Brokerage Co. ranked San Diego’s retail market as second in the nation. It placed behind only Washington, DC, in the study, which ranks 35 retail markets nationally on the basis of indicators that predict supply and demand of space for the coming year. Among the indicators are forecasted employment and household growth, vacancy, construction, personal income, new home construction and rent growth.