(SAN DIEGO) May 30, 2018 – San Diego based commercial real estate investment firm SENTRE has advised selling entity Peckham Properties Inc. in the disposition of The Shops at Fletcher Hills Center in El Cajon to Fletcher Hills Properties LLC for $7.8 million. The seller was represented in this transaction by Phil Voorhees, Kirk Brummer, Sean Heitzler, Reg Kobzi and Megan Wood of CBRE. The buyer was represented by Alfred Atallah of Atallah Group.
Located at 2320-2396 Fletcher Parkway and built in 1959, SENTRE invested approximately $1.8 million into the property in 2014 to improve the asset, including a complete renovation of its office suites.
“SENTRE is pleased to have successfully repositioned the The Shops at Fletcher Hills Center which resulted in an improved and stabilized rent roll and 98% occupancy prior to advising in the sale of the asset,” said Doug Arthur, President & CEO of SENTRE.
The Fletcher Hills Center’s parcel encompasses approximately 2.86 acres and includes three retail buildings totaling 36,750 square feet. The shopping center has experienced strong historical occupancy and currently has a 98 percent occupancy rate with twenty-one tenants including a 99 Cent Only Store, Baskin Robbins and Coldwell Banker. A convenient and accessible 192-stall parking lot sits adjacent to a high traffic area, with 571 linear feet of frontage along the major east-west commuter route Fletcher Parkway.
Previous to the sale of Fletcher Hills Center, SENTRE’s advised in the sale of The Shops at Riverdale on Friars Road in Grantville for $10.1 million in early 2018.