The 31,630-sf Del Cerro Shopping Center at 6358-6386 Del Cerro Blvd. has been sold in a deal valued at $2.9 million. Burnham Real Estate Services represented the buyer, CVV Enterprises. Paul Miller Company represented the seller, William & Sydney Reinstra. The center is anchored by a Jax Apple Market.
In the second deal, Westcott Mazda bought 3.74 acres located at 720 El Cajon Blvd. from Rekab Properties in a deal valued at $2.3 million. Burnham Real Estate Services represented the seller in the transaction. ECP Commercial represented the buyer.
"The San Diego retail property sector has held up well in the recession," says Kent Williams, vice president and regional manager in Marcus & Millichap's San Diego office. "This is partially due to the fact that the city has relatively little retail space. San Diego ranks 13th in gross leasable retail space, while ranking eighth in population.
Williams said well-branded centers with national and regional credit-tenant allure are performing better than more localized strip centers.
"Typically, the well-branded centers are those that have established a dynamic that lends itself to a "retailing environment" rather than a "stop and go" bank of shops."
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