Chris Carter, of Flocke & Avoyer Commercial Real Estate, represented the buyers in the Deal of the Week.
The seller was co-represented by Matt Peckham, Brad Williams, Chris Carter and Steve Avoyer of Flocke & Avoyer, as well as Doug Arthur and Jim Hamilton, of SENTRE Partners.
The deal was the sale of the Miramar Square Shopping Center, a 70,959-square-foot community center at 9212-9292 Miramar Road, San Diego, for $12.55 million.
The buyers were HPI Miramar Square LLC, (37.46 percent), Jamacha Road Associates, LLC (55.43 percent) and Cal 92 Laight LLC (7.11 percent), c/o McKenna Long & Aldridge LLP, a San Diego law firm.
HP Investors LLC is the manager of HPI Miramar, and Harkishan Parekh and Sumeet Parekh are the managers of HP Investors. Kenneth C. Winslow is the manager of Jamacha Road and Jodi A. Kaliner is the manager of Cal 92.
The acquisition was financed with a loan of $8 million from JPMorgan Chase Bank (NYSE: JPM).
The sellers of the property were Dan McKinney Co. (75 percent), Peckham Properties Inc. (15 percent) and Robert W. Schulze as co-trustee of the Schulze Revocable Trust.
Robert W. Schulze is president of Dan McKinney, and Michael P. Peckham is president of Peckham Properties.
A year ago, Flip Force San Diego Inc. leased 16,387 square feet in the center for 84 months at $1,153,973, for a multi-sport competition gym designed for children and adults.
Miramar Square is a multitenant showroom/retail center with a home furnishing theme.
The center consists of six attached buildings and three smaller free-standing buildings on 6.76 acres; it was built 1987.