Two retail centers in Otay Mesa sold

Monday, February 9, 2015

Two retail centers and two vacant parcels near the second San Diego border crossing in east Otay Mesa have been sold for $8,946,000.


The properties were the 2.24-acre, 39,888-square-foot Plaza Mayor at 2493-2495 Roll St. and 9660 Via De La Amistad for $6.16 million; the 25,591-square-foot Otay Crossroads at 2445-2455 Otay Center Drive for $2.68 million, and a pair of vacant pads totaling 1.41 acres on Otay Center Drive, north of Siempre Viva Road, for $110,000, all in San Diego 92154.

The buyer of Plaza Mayor was Plaza Mayor LP, with Kroeger Properties LLC as the general partner, 1679 E. Main St., Suite 104, El Cajon 92021. That acquisition was financed with a loan of $3.64 million from San Diego County Credit Union. The seller (assessor’s parcels 646-180-09 and 18) was 2495 Roll Drive LLC, with Navid Moshtaghi as a member.

The buyer of 3.91-acre, 25,591-square-foot Otay Crossroads was Otay Crossroads Plaza LP, also with Kroeger Properties as general partner.

The seller (646-144-05) was PI Properties No. 9 LLC.

Otay Crossroads Plaza also acquired the vacant lots for $110,000 from PI Properties No. 23 (646-144-01 and 02). Moshtaghi was the member of both PI Properties.

The centers have a combined occupancy of 79 percent, according to the brokers.

Vic Gausepohl and Kirk Allison, of Colliers International, represented the sellers. Jim Carmichael, of Century 21, represented the buyers.

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