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City Heights shopping center sold to Kimco

City Heights Retail Village, a 108,706-square-foot shopping center at the southeast corner of Fairmont and University avenues, has been sold for $35.6 million.

The price consisted of a payment of $15.6 million and assumption of a November 2006 lien of $20 million.

The 7.49-acre shopping center is located at 4365-4436 University Ave., 3807-3879 Fairmont Ave. and 4440 Wightman St., in San Diego 92105.

The buyer was City Heights Center 1689 Inc., c/o Kimco Realty Corp. (NYSE: KIM), 1621 B South Melrose Drive, Vista 92081.

The seller of the property (assessor's parcel 471-563-02, 03 and 04) was City Heights Retail Village LLC, with CH Retail Village Development LLC as the managing member. William D. Jones is the manager of CH Retail.

Retail advisory firm Reza Investment Group of Irvine represented the buyer and seller in the transaction.

Bill Thaxton, of Flocke & Avoyer, is the exclusive leasing agent for the shopping center, which opened in 2001 and is anchored by a 66,300-square-foot Albertson's market.

Additional national and regional tenants include O'Reilly Auto Parts, Chase Bank, Bank of America (kiosk), RadioShack, McDonald's, Denny's, Papa John's Pizza, Panda Express, Starbucks Coffee, Jamba Juice, Subway and Scripps Wellness.

At the beginning of 2012, it was announced Mission Foods -- a retailer and producer of tortillas, chips and salsas -- opened its first U.S. tortillaria in the City Heights center in 2,592 square feet of the 5,050-square-foot former Blockbuster Video site. Mission Foods operates 300 tortillarias under the name of Casa Del Maiz around the world.

The seller, City Heights Retail Village LLC, is an affiliate of locally based City Scene Management Co. and CityLink Investment Corp.

Jones is CEO of CityLink, the for-profit master developer of the five-square-block, mixed-use City Heights Urban Village, of which the retail village is a part.

Urban village elements were developed Sol Price, by former San Diego City Councilman and the late philanthropist.

Kimco is a real estate investment trust that owns 922 shopping centers in 44 states, and locations in North and South America.

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