CHULA VISTA, Calif. (November 15, 2021) — A single-tenant bank drive-thru building sold for $3,234,000 in a tax-advantaged 1031 exchange transaction on November 1, 2021, Commercial Asset Advisors announced.
The 5,063-square-foot retail building is located at 444 Third Ave, Chula Vista, CA 91910.
Mike Conger and Brian Jenkins of CAA served as agent for the buyer, Purple Mountain Empire IV. The seller, WABC LLC, was represented by Bo Gibbons, Liam Teer, and Lee Suryani of Pacific Coast Commercial. The property is occupied by California Bank & Trust, a bank founded in San Diego in 1998. With more than 80 branch offices, California Bank & Trust holds over $11 billion in assets.
CAA has represented multiple buyers and sellers in all product types this year all over San Diego County, demonstrating the firm’s ability to maximize values regardless of product type, location, or situation.
“This property is located within the prime, Third Avenue Village retail corridor in Chula Vista and is across the street from a planned mixed-use development – providing long-term upside potential,” said CAA Principal Mike Conger. “Through this acquisition, we were able to successfully complete the buyer’s 1031 exchange requirement with an asset that not only fit their requirements but improved their credit profile.”
For additional information, you may contact Mike Conger, CAA Principal (DRE Lic. # 01381193), at mike@caacre.com or Brian Jenkins, CAA Principal (DRE Lic. #01814828), at brian@caacre.com.
About Commercial Asset Advisors
Commercial Asset Advisors is a San Diego-based commercial real estate brokerage that specializes in serving the unique needs of individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations. As a full-service CRE firm, our team has assisted property owners from Central San Diego, North County, East County, South County and beyond to maximize the value of their investments including office, retail, industrial, apartment and multi—family, mixed-use projects, ground-up development tenant representation and much more. With experience earned through exceptional hard work, CAA has successfully completed over 1,400 sale and lease transactions totaling over $500 million in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.