SENTRE plans investment to further enhance leasing, operations and customer experience
(San Diego, Calif.) December 9, 2019 – San Diego-based commercial real estate investment firm SENTRE announces the $30.65 million acquisition of Bonita Point Plaza, a 58,761-square-foot shopping center at the intersection of 1451-1479 East H St and 720-752 Otay Lakes Road in Chula Vista, California, approximately ten miles southeast of San Diego.
Bonita Point offers 27 tenants, with 38 percent original to the property. The majority of tenants offer a focus on “daily needs” shopping, including Rite Aid, Starbucks, Chipotle, Subway, Wells Fargo, Chase Bank and Navy Federal Credit Union; notably, the property is also shadow anchored by a Ralphs grocery store. Bonita Point is within a one-mile radius of 29,000 residents, enjoys a highly visible location at the intersection of Otay Lakes Road and East H Street which sees 30,000 cars each day, and is adjacent to Southwestern College and its 19,500 students.
Built in 1989 and until present day owned by the original developer, Bonita Point has been well maintained throughout its 30 years. SENTRE plans to invest an estimated $1 million ($20 per square foot) to further enhance leasing, operations and the customer experience at the shopping center.
“Bonita Point is a necessity-based retail opportunity with both drug and grocery anchors and an attractive and complementary food experience which serves both the adjacent student population and the local trade area. We look forward to further modernizing the shopping center, fine tuning the retailer mix and continuing to serve the neighborhood,” said Doug Arthur, President and CEO of SENTRE.
The property was acquired from Bonita Point Plaza, a California Limited Partnership, an entity managed by Sudberry Properties. The seller was represented by Steve Avoyer and Brad Williams of Flocke & Avoyer Commercial Real Estate and John Still of Point Realty Advisors. New financing was arranged by CBRE’s Debt & Structured Finance Team led by Scott Peterson, Bill Chiles, Brian Cruz and Morgan Fraser.