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SAN DIEGO-Five years after its $4.7-million acquisition of the Rolando Plaza Shopping Center, a Voit Development entity has sold the grocery-anchored retail asset located at 6411-6535 University Ave. in San Diego for $10.6 million.

While under the ownership of seller Voit Rolando Partners LLC (with Voit Development as managing member), Rolando Plaza was extensively repositioned. Voit implemented both exterior and interior upgrades, including new pylon signs; electrical and plumbing renovations; irrigation, landscape and parking lot rehabs; a new exterior color scheme; and a variety of individual tenant improvements.

When Voit acquired the retail asset in 1998, anchor tenants Albertson’s Grocery, Cal Stores Sporting Goods and Kragen Auto were all slated to vacate the property. As a result, occupancy here fell to 30% soon after Voit purchased the center. However, during its five years of ownership, Voit brought the center up to a 94% occupancy rate, with new leases totaling more than $7 million. New tenants include Save A Lot Foods with 14,000 sf; NAPA Auto Parts with 8,000 sf; Gambro Healthcare with 8,503 sf; Starbucks Coffee with 1,300 sf; Salvation Army with 12,040 sf; PWS Coin Laundry with 2,534 sf; and Colortyme Rent To Own with 5,077 sf.

Chris Rink of BRE Commercial/NAI’s UTC office, which represented Voit in all of Rolando Plaza’s new lease transactions, also acted on behalf of the LLC in the recent sale. Rink will be retained for leasing services by buyer SCI Rolando Fund LLC, an entity of SCI Properties.

Andrew Meyers of BRE Commercial/NAI’s UTC office spoke on behalf of SCI, which is a tenant-in-common investor that pools funds of individual exchange buyers. Upon acquisition of the property, the LLC transferred title into SCI Rolando Funds 1 through 7. It also obtained a new $8-million trust deed from Wachovia Bank.

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