Otay Retail Market Heating Up
A local family investment business also bought into San Diego retail recently. The Kroeger Family Properties picked up Plaza Mayor and Otay Crossroads for nearly $9M. Plaza Mayor is a nearly 40k SF retail center on 2.24 acres, while Otay Crossroads is 26k SF on nearly four acres with two 30k SF vacant pads. Colliers International's Vic Gausepohl repped the seller and tells us the investment is a clear value-add play for the family, with the buyer looking at a long-term hold, especially with the vacant development pads. He says Otay is continuing to grow in its daytime population. Vic shared the listing with Colliers' Kirk Allison, and Century 21's Jim Carmichael repped the buyer.
The properties are nearly 80% leased and are off the 905 Freeway near the US Mexico Port of Entry. And even as the portal between Mexico and America becomes more popular, the state also is building a $120M cross-border pedestrian bridge connecting Tijuana International Airport, which should draw even more traffic to the area. Among the centers' tenants are 7-11, Eric's Deli, AutoZone and MetroPCS.
