Gleb Lvovich and Mike Moser CBRE Terra Nova Plaza 390 and 394 East H St., Chula Vista 51,637 square feet and 44,477 square feet, for a combined 96,114 square feet Total consideration: $21.9 million
About the property: The 51,637-square-foot Bed Bath & Beyond and the 44,477-square-foot Sports Authority stores at 390 and 394 East H Street in Terra Nova Plaza occupy two buildings that were once occupied by Home Depot.
Terra Nova Plaza, managed by NewMark Merrill Cos., is on the corner of East H Street and Hidden Vista Drive. Other tenants in the shopping center include CVS/pharmacy, Marshalls and Vons.
Closing the deal: RREEF Property Trust Inc. bought the Chula Vista retail property for $21.9 million in October 2014. The seller was the Terra Nova Group, a unit of R&V Management of San Diego. Mike Moser and Gleb Lvovich of CBRE Retail Services represented both parties in the transaction.
“The sellers were trading out of this retail asset as they are heavily invested in apartment properties and buying more apartments here in San Diego County,” Moser said. “We were able to demonstrate the value of the property by utilizing extensive local market data. We sold to a fund adviser and needed to validate a low-risk profile on the investment with a potential for upside, as well.”