Newmark Capital Markets has completed the $58.5 million sale of Broadway Plaza, a 356,335-square-foot community retail center located in Chula Vista, a city within south San Diego County. The center is 100 percent occupied by national retailers including anchor tenants Walmart and Costco. Other tenants include Panda Express, Verizon, Subway, Chase Bank, Petco and GameStop, among others.
Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy of Newmark Capital Markets represented the seller, Kimco Realty. The buyer, Protea Properties LLC, was self-represented.
“Broadway Plaza was a truly rare investment opportunity that delivered today’s retail investor its priorities of quality real estate, dynamic submarket, density, credit and durability,” said Bethea. “The fact that both Walmart and Costco were included in the sale and that all buildings are contained on their own parcel only advance the prospects of long-term ownership.”
Built in 1984 with the addition of the Walmart building in 2005, Broadway Plaza is situated on just over 32 acres at 1144 Broadway Avenue. The asset is located at the submarket’s primary intersection of Broadway Avenue and Naples Street, just two blocks east of Interstate 5. The center is within a dense customer base with a population of over 200,000 within a three-mile radius, as well as a large daytime population of 30,000 within a one-mile radius. As testimony to the strength of the retail within the local market, occupancy in neighboring retail exceeds 98 percent and is home to Target, Michael’s, Food 4 Less, Ross and Party City.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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