Floit Flips Apartments for 21-Property Portfolio
Dan Floit is trading a multifamily for a mixed bag of commercial properties in the city. Floit Properties unloaded five apartment properties throughout the city, totaling 62k SF and 107 units, for $18M, which included 8561 and 8605 Mellmanor Dr and 5670-5680 Amarillo Ave, a 45-unit complex that was picked up by SNM Realty Partners for nearly $7M.
In turn, Dan has bought what is known as the Polak Family portfolio—owned by various entities, such as Bay Investment Co, Montezuma Land Co and Harbor Investment Co—and consists of 21 commercial buildings and some 50 tenants, including La Mesa Jeep Eagle, Fletcher Village Shopping Center, Terminix and Armstrong Garden Centers. The total price? Nearly $30.5M, almost twice his multifamily portfolio sale. CBRE's Jim Neil, Eric Comer, Merrick Matricardi and Tim Kerrigan brokered the various sales. Floit recently purchased Jamul Plaza, an 18,600 SF shopping center that is home to 7-Eleven and Steele Canyon Veterinary Clinic, from a family trust for $3.7M.
