San Diego-based real estate investment firm Eriqat Enterprises has sold off one of the last of roughly 50 San Diego properties in its portfolio, according to Alvin Mansour, a broker who represented the company in its latest transaction.
Albert and Victoria Eriqat of Eriqat Enterprises sold Kragen Center Broadway, a 33,670-square-foot neighborhood retail center at 411-85 Broadway in El Cajon, for $5.45 million, to the Oliveri Trust in late December.
The transaction was a 1031 exchange, in which the buyer also sold a nearby property, on Broadway in El Cajon, for $2.5 million at the time of the transaction, said Mansour of the San Diego office of Palo Alto-based Marcus & Millichap.
The retail center, built in 1980, has a Kragen Auto Parts anchor, a Santana’s Mexican food restaurant and the Gun Exchange, among other tenants, according to Mansour.
He said the buyer plans to buy out the adjacent 1-acre lot, which is occupied by a church, and paint and landscape the property.
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Revamped ReStore Reopens:
The San Diego Habitat for Humanity’s ReStore, a home improvement outlet store that sells new and gently used merchandise at 30 percent to 75 percent below retail value, had a grand reopening sale to celebrate its one-year anniversary in Mission Valley on Jan. 22. The revamped ReStore unveiled a new 18-foot cargo truck, purchased with a $40,000 grant from Las Patronas, a philanthropic organization with a mission to enhance the quality of life in San Diego County by providing financial assistance to local nonprofits.
The ReStore was founded in 1998 as a retail offshoot of Habitat for Humanity, San Diego, which is a nonprofit organization that has built 54 homes throughout the county for low-income families. The retail outlet generates revenue that supports the nonprofit’s mission of providing affordable homes in the community. Whenever possible, Habitat for Humanity’s home construction projects use materials and merchandise donated to the ReStore. Habitat for Humanity has 27 additional homes in progress in San Diego and is in the process of rebuilding 22 homes that were destroyed by the 2003 wildfires.
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Costa Rican Beer Coming:
San Diegans can now appreciate Costa Rica’s No. 1 beer in their own city. Mira Mesa-based Mesa Distributing Co., Inc. announced that it will begin distributing Cerveza Imperial throughout San Diego County in late January. California is the first state where consumers can purchase the product, which has a market share of more than 60 percent in Costa Rica.
Imperial is produced by Florida Bebidas S.A., a subsidiary of Florida Ice & Farm Co., listed on the Costa Rican Stock Exchange as FIFCO. It has been making the beer since 1924.
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Tuesday Morning To Open Tuesday:
Dallas-based Tuesday Morning, a closeout retailer of home furnishings and gifts, is set to open its seventh San Diego-area store, in Santee, on Feb. 1.
The 7,255-square-foot store in the Santee Town Center, at 235 Town Center Parkway, will open its doors for the February sale event, featuring affordable premium home hardware, comforters and sheet sets from prestigious home fashion designers and hand tufted wool rugs at 50 percent to 80 percent below retail prices.
Tuesday Morning Corp., listed on the Nasdaq under TUES, first opened a store in San Diego in 1992 and has 662 stores in 43 states.
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Pink Zone, a women’s apparel store with locations in La Jolla and Pacific Beach, signed a 60-month, $676,000 lease on 2,832 square feet of retail space on the city block contained by Fourth and Fifth avenues and J and Island streets in Downtown San Diego.
Send retail news to Heather Bergman via e-mail at firstname.lastname@example.org or via fax at (858) 571-3628. Call her at (858) 277-6359, Ext. 3114.