An El Cajon shopping center has been sold for $7.8 million.
The Shops at Fletcher Hills Center at 2320-2396 Fletcher Parkway was sold by Peckham Properties, Inc. to Fletcher Hills Properties, LLC.
Built in 1959 on a 2.8-acre site, the center includes three retail buildings totaling 36,750 square feet of space.
Among its 21 tenants are a 99 Cent Only Store, Baskin Robbins and Coldwell Banker.
SETRE, a real estate investment and development firm which served as an advisor to Peckham Properties, invested about $1.8 million in remodeling the property in 2014, including a complete remodeling of the center’s office suites.
“SENTRE is pleased to have successfully repositioned The Shops at Fletcher Hills Center which resulted in an improved and stabilized rent roll and 98 percent occupancy prior to advising in the sale of the asset,” said Doug Arthur, SENTRE president and CEO.
Representing Peckham Properties in the sale were Phil Voorhees, Kirk Brummer, Sean Heitzler, Reg Kobzi and Megan Wood of CBRE.
Alfred Atallah of Atallah Group represented Fletcher Hills Properties.
