The Heritage Group's latest San Diego buy involves cars. Lots and lots of cars.
Heritage's investment division, THG Equities, purchased a 63k SF, five-building auto retail shopping center at 1403-1427 Broadway in Chula Vista called South County Autoplex for $5.9M from a family of investors in LA. The automotive retail center is focused on various aspects of car care—from maintenance to auto parts retailers. And it's the only one in Chula Vista along a busy retail corridor, and not relegated to the industrial areas of the city, says Heritage's Rocco Cortese.
Rocco says the next step is to spruce up the property, improve the facade and landscape, and push up occupancy from 83%—and eventually rents—in what he describes as a “true” value-add buy. And THG is still in the market for more properties, those ranging from $5M to $15M where market fundamentals can support a property turnaround as much as renovations and better management. “We're going to buy real estate that appeals to the local investor where we know we can have an impact.”
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