East County News Service
May 31, 2018 (Fletcher Hills) – Fletcher Hills Properties LLC has acquired The Shops at Fletcher Hills Center in El Cajon for $7.8 million. San Diego based commercial real estate investment firm SENTRE has advised selling entity Peckham Properties Inc. in the deal to acquire the property built in 1959.
Sentre, a San Diego-based commercial real estate firm, advised selling entity Peckham Properties Inc. Sentre invested $1.8 million into the property at 2320-2396 Fletcher Parkway in 2014 to improve it, including a complete renovation of office suites.
“SENTRE is pleased to have successfully repositioned the The Shops at Fletcher Hills Center which resulted in an improved and stabilized rent roll and 98% occupancy prior to advising in the sale of the asset,” said Doug Arthur, President & CEO of SENTRE.
The Fletcher Hills Center’s parcel encompasses approximately 2.86 acres and includes three retail buildings totaling 36,750 square feet. The shopping center has experienced strong historical occupancy and currently has a 98 percent occupancy rate with twenty-one tenants including a 99 Cent Only Store, Baskin Robbins and Coldwell Banker. A convenient and accessible 192-stall parking lot sits adjacent to a high traffic area, with 571 linear feet of frontage along the major east-west commuter route Fletcher Parkway.
The seller was represented in this transaction by Phil Voorhees, Kirk Brummer, Sean Heitzler, Reg Kobzi and Megan Wood of CBRE. The buyer was represented by Alfred Atallah of Atallah Group.