Floit Multifamily Trades for Retail, Office

Floit Properties, a commercial real estate owner in the San Diego area, has sold five multifamily properties, and in turn purchased 21 parcels with retail and office tenants, as well as vacant land. The total value of the real estate in both deals is $52 million, and CBRE represented Floit in the transactions.

The apartment complexes were sold to various buyers, including Kroah Investors, SRM Investments, Jonathan Tibbitts and SNM Realty Partners.

Floit acquired the 21 parcels from the Polak Family Portfolio. Retail tenants on the sites include Big 5 Sporting Goods, Dollar Tree, and McDonald’s, as well as smaller companies. CBRE’s Tim Kerrigan represented Floit in the acquisition.