Newly constructed retail strip center near San Diego trades for $11.4M

NEWPORT BEACH, Calif., Dec. 16, 2021 – JLL Capital Markets announced today that it has closed the $11.4 million sale of Fletcher Marketplace, a fully leased, 11,996-square-foot retail strip center in the San Diego-area community of El Cajon, California.

JLL marketed the property on behalf of the seller, Southern California-based Brixton Capital, LP. A private investor purchased the asset.

Completed in 2020, the two-building Fletcher Marketplace is triple net leased to five tenants, including Mattress Firm, Dave’s Hot Chicken, The Joint Chiropractic, Urbane Café and California Fish Grill. The property strategically sits adjacent to one of San Diego’s top Home Depot locations along with a newly constructed In-N-Out Burger.

Fletcher Marketplace is situated on 1.97 acres at 110 Fletcher Pkwy. in El Cajon, an eastern suburb about 16 miles from downtown San Diego. The center is adjacent to Highway 67, which provides visibility to more than 106,000 vehicles per day, and positioned directly across the street from the high performing Parkway Plaza Mall. 

The JLL Retail Capital Markets team representing the Seller was led by Managing Director Gleb Lvovich and Director Daniel Tyner. Don Moser of Retail Insite provided local market support.

“Fletcher Marketplace represented another example of a high-quality strip center within an infill Southern California market and garnered significant interest in the marketplace,” Tyner said. “Both private capital and institutional investors continue to gravitate towards quality new construction with internet resistant tenants.”

“Our institutional approach to private capital transactions has generated exceptional results for our clients.” Lvovich added. “Since last quarter, we’ve closed four strip center sales in Southern California, exceeding $45 million in consideration.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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