Protea Properties Locks Down Five-Property Portfolio
Five properties totaling 231,878 square feet were recently purchased by Protea Properties LLC for $47 million. This portfolio, with a history of strong occupancy and rent growth, has been owned and managed by Carleton Management Company for more than 20 years.
“We were fortunate to have substantial interest in this portion of our portfolio and are honored that Protea, a first-class high-caliber organization, will continue to steward these assets,” says Jeff Silberman, president/CEO of Carleton Management.
Four of the properties are located in Chula Vista and one office building is located in Mission Valley.
- 630 Bay Blvd. is a 100 percent leased freeway visible industrial/showroom building totaling 48,828 square feet on 2.79 acres
- 660 Bay Blvd. is a 100 percent leased two-story multi-tenant office building totaling 32,601 square feet on 1.53 acres
- 780-784 Bay Blvd. is a 100 percent leased office/industrial building totaling 99,584 square feet on 5.44 acres
- 830 Bay Blvd. is a single-tenant flex/office building totaling 30,046 square feet on 3.63 acres
- 5920 Friars Rd. is a 92 percent leased multi-tenant office building totaling 20, 819 square feet on .74 acre
The seller was represented by Randy LaChance in Voit’s San Diego office. The buyer was self-represented.
Tenants in the portfolio include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. The four Chula Vista properties are located west of Interstate 5 adjacent to the new Chula Vista Bayfront Development.