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Building on Town Center in Santee sold

The approximately 6,865-square-foot, multi-tenant retail building at 70 Town Center Parkway in Santee 92071, has been sold for $1.6 million, cash.

The buyer was Stephen M. Coles, trustee of the Stephen M. Coles Separate Trust, 1170 W. Morena Blvd., San Diego 92106.

The acquisition was financed with a loan of $1.2 million from Wells Fargo Bank.

The sellers of the property (assessor's parcel 381-041-04) were Nikola Milicevic and Nada Milicevic, co-trustees of the Nikola and Nada Milicevic Family Trust.

The building was constructed in 1991 on a 41,818-square-foot lot.

The property was sold in May 2006 for $3.1 million, cash.

At that time, the building was leased to a Dairy Queen shop and a restaurant.

The 9.6-acre, 76,829-square-foot neighborhood center was built in 1990 by La Jolla Pacific Development.

The center also includes multi-tenant buildings at 10, 50, 130, 205, 225, 235, 245 and 255 Town Center Parkway.

The 10-255 Town Center Parkway properties are bordered by Costco, Wal-Mart, Home Depot, Target and a Lowes Home Improvement Center, which are part of the surrounding, master-planned, 706-acre Santee Town Center.

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