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Bay Plaza Shopping Center Sells for $21.6M

ROIC Buys 73,000-SF National City Retail from Pacific Castle
November 14, 2012
Retail Opportunity Investments Corp. (ROIC), a New York-based REIT, purchased the 73,025-square-foot shopping center at 1420-1430 E. Plaza Blvd. in National City, CA from Pacific Castle, Inc., an Irvine-based developer, for $21.55 million, or about $294 per square foot.

The Bay Plaza is anchored by Big Lots, Jo-Anne Fabrics and Seafood City and has 36 stores total. The property was reportedly 88 percent occupied at the time of sale.

Aaron Bettencourt and Reza Etedali of REZA Investment Group, Inc. represented the seller.

Please see CoStar COMPS #2575008 for more information on this transaction.

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