A grocery-anchored shopping center adjacent to the Parkway Plaza mall in El Cajon sold for $31.5 million to a Texas-based firm.
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JLL Capital Markets represented the private buyer in the transaction. Located at 149 Fletcher Parkway, The Shops at Parkway Plaza totals 122,484 square feet in size and includes tenants such as Best Buy, HomeGoods, Aldi and Texas Roadhouse.
“Grocery-anchored neighborhood retail continues to perform extremely well and demand strong activity across multiple investor profiles,” JLL Managing Director Daniel Tyner said in a statement. “Parkway Plaza offered investors a great opportunity to acquire a well-performing daily needs center with NOI (net operating income) growth potential.”
The site offered “unique value” in today’s market, Tyner said, noting strong sales performance alongside foot traffic generated by the adjacent mall.
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At the same time, the city of El Cajon is actively pursuing revitalization efforts of Parkway Plaza, including the potential acquisition of the mall as part of a long-term plan to transform the site into a mixed-used space for shopping, housing, social gathering and improved transit access.
The city processed a boundary adjustment as part of the sale, City Manager Graham Mitchell said. He did not comment on how the sale fits into the city’s plan for redevelopment of Parkway Plaza, if at all.
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