LA MESA, San Diego, CA (April 6, 2023) – The 42 room, 22,410 square foot Days Inn located at 7475 El Cajon Blvd, La Mesa, CA 91942 sold for $8,350,000 on March 31, 2023 Commercial Asset Advisors announced.
Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the Seller, Lotus Hotel, Inc. The Buyer, La Mesa Multi-Family Partners, LLC was represented by Salvatore DeMaria of Coldwell Banker Realty.
The Days Inn features 42 large rooms, with existing kitchen infrastructure in the heart of the multi-family supply constrained La Mesa. CAA’s comprehensive knowledge of the La Mesa market allowed them to successfully identify the demand for an adaptive reuse to multi-family conversion. CAA was able to capture a premium value for the seller by pricing this asset consonant with its adaptive reuse potential.
“We are excited to have facilitated the sale of this exceptional property; we were able to identify additional value for the seller by marketing this deal as an apartment conversion. This represents a tremendous investment opportunity for the new owner to capitalize on additional cash flow, reduced operating costs, and lower apartment cap rates with an adaptive reuse,” said Brian Jenkins.
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.
For additional information, you may contact:
Brian Jenkins, CAA Principal (DRE Lic. #01814828), at brian@caacre.com
Mike Conger, CAA Principal (DRE Lic. # 01381193), at mike@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 1,500 sale and lease transactions totaling over $1.5 billion in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.