Gershman Acquires Portion of Chula Vista Retail Center

Newmark has completed the sale of The Shops at Eastlake Terraces, a part of a 363,000-square-foot shopping center shadow-anchored by Home Depot and Walmart Supercenter in Chula Vista, CA. The firm’s Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glen Rudy represented the seller Crow Holdings in the transaction. The buyer was LA-based Gershman Properties.

The traded portion comprises 61,000 square feet, and boasts classic architecture along with well known tenants like Walgreens, Chase Bank, Chick-fil-A, Supercuts and Starbucks. The new Millenia development with 2,900 homes and 3.5 million square feet of commercial space is located just one block away.

“San Diego remains one of the most sought after and desirable investment markets in the country. Continued residential and population growth coupled with tenant demand and limited supply will maintain this trend for the foreseeable future,” said Ippolito in a news release.