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Marcus & Millichap Announces the Sale of The Shops at Southbay Marketplace, a 5,600-SF Retail Property in Chula Vista

November 22, 2022

CHULA VISTA, Cali., November 22, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Shops at Southbay Marketplace, a 5,600-square-foot retail property located in Chula Vista, California. The asset sold for $3,300,000.

The buyer, Rand Wasserman of W4 Properties, was procured by Nick Totah, senior vice president and Ross Sanchez, senior associate for The Totah Group in Marcus & Millichap’s San Diego Downtown office. The Seller was Daniel Magy, and was represented by Ryan King, senior vice president, and Josh Simms, senior associate of Voit Real Estate Services.

The Shops at Southbay Marketplace is located at 67 North Broadway in Chula Vista, California. Built in 1999, this three-tenant retail strip was fully leased at the time of sale. The property is situated between Best Buy and Walmart at the Southbay Marketplace, a premier power center with national and regional tenants, located of I-54 and Highland Avenue, serving the South Bay communities of National City and Chula Vista.

According to the brokers, the property was attractive to the buyer given its stable cash flow, high quality tenants, power center location, high density community, heavy traffic counts, and a sub-market in Chula Vista that has seen continued growth and investments.

 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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