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CORRECTION, JAN. 6, 11:30AM PT: A previous version of this story incorrectly attributed a separate purchase to Brixton as well. The story has been updated.
Locally based Brixton Capital, an opportunistic investment vehicle of BruttenGlobal, has acquired a 55k SF big-box store at 14340 Penasquitos Drive in San Diego’s Mountain Valley neighborhood. The building, formerly occupied by grocery chains — most recently Haggen — was purchased from Florida-based HH Property Holdings for an undisclosed amount. A local retail sales expert estimates the value at $125 to $150/SF. Brixton is repositioning and renovating this store for Floor & Décor, which has signed a $12M, long-term lease for the entire building.
“This purchase fits well into our strategy for aggregating long-term, net-leased properties with strong credit tenants,” said Brixton Capital chairman Marc Brutten. The company owns and operates 200 net-lease assets and 10M SF of retail centers in the Western US and Europe. Retail Insite broker Mike Moser, who repped Brixton, said while there is tremendous demand for large spaces in the I-15 corridor, the area has very few vacant boxes. HFF repped the seller.
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