LAKESIDE, CA-A San Diego-based real estate investment firm has acquired a 42,030-sf retail center in this East County rural community.

CP Investments Inc. acquired Lakeside Plaza, a shopping center anchored by a Vons grocery store. The property, which was purchased for $2.2 million, is located at 12403-12421 Woodside Ave. and is 95% occupied.

CP Investments specializes in the acquisition and development of grocery anchored strip shopping centers. The firm in April completed redevelopment of the 98,000-sf Santee Village, another Vons-anchored center on 10 acres at Olive Lane and Mission Gorge Road in Santee.

The Santee center has been re-tenanted with Wendy’s Hamburgers, Kragen Auto Parts, Cingular Wireless, Papa Murphy’s Pizza, H & R Block and Great Clips. Redevelopment of the property, which was purchased in October of 2000, began after demolition of the existing 30,000-sf retail center and AMC theaters.

CP Investment in April also completed development of Mountain Meadows Plaza, located at the northeast corner of Tierra Rejada and Mountain Trail in the Ventura County community of Moorpark. The total value for that project is $4.7 million.

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