Former Recycling King Investing in Retail
Retire from the waste recycling business and then go into real estate investing. Seems natural. Well, that's what The Heritage Group's latest client just did in the Midway District.
Heritage senior director Kyle Clark (here boating on one of the endless sunny San Diego days) tells us the 30k SF Midway Village Shopping Center was just picked up by Sunset Waste Holdings, a Fresno recycling firm co-founded by local investor Tony Lisenko, for $6.2M. The strip center at 3146-3194 Midway Dr is anchored by Taco Bell and Wings N things, and was sold by a division of Pacifica Cos, which was repped by CBRE's Reg Kobzi and Joel Wilson.
Kyle says the new owner sees this as a buy and hold property, given it's nearly fully occupied. And it culminates a months-long search for an investment retail property for the retired recycling exec, which is tough in the market given the sheer amount of capital chasing a real lack of product in San Diego. In this case, Kyle helped him in an off-market transaction that kept competitors at bay.