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San Carlos Village shopping center on Navajo sold

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San Carlos Village, a 127,634-square-foot shopping center in the San Carlos neighborhood at 8766-8898 Navajo Road, San Diego 92119, has been sold for $34,587,500.

The buyer was Monterey Property Associates Anaheim LLC, a California limited liability company, with JH Real Estate Operating Partners LLC as the manager; 500 Newport Center Drive, Suite 900, Newport Beach 92660, attention: Stathi Marcopulos. Gary C. Otto is the chief financial officer of JH Real Estate.

The acquisition was financed with a loan of $30.03 million from Bank of America (NYSE: BAC).

The seller of the neighborhood shopping center (assessor's parcel 457-800-20) was PCCP/SB San Carlos LLC of Bala Cynwyd, Pa., with Michael J. Connolly as the vice president. The seller is a joint venture of Pacific Coast Capital Partners LLC and Stoltz Real Estate Fund II LP.

The center was constructed in 1971 on 13.5 acres at the intersection of Navajo Road and Lake Murray Boulevard, and renovated in 2004.

The property includes an in-line shop building anchored by two big-box buildings and five building pads. Anchor tenants include Walgreens, LA Fitness, Starbucks (Nasdaq: SBUX), Wells Fargo and JPMorgan Chase Bank.

Other tenants include Carl's Jr., Fantastic Sam's, GameStop, Subway and Massage Envy.

The seller acquired the property in June 2006 for $33 million and announced it would subdivide a vacant Ralphs store and market it to potential tenants, once the Ralphs lease ended.

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