Diversified Properties of Solana Beach has acquired the Bay City Plaza retail center in southern San Diego for $8.1 million, according to brokerage firms Voit Real Estate Services and Cushman & Wakefield.
The seller of the two-building, 34,051-square-foot strip center, at 1515-1555 Palm Ave., was Lorah Family Trust of San Diego. The buyer was represented by Voit’s Mark Caston and Spencer Kerrigan, and the seller was represented by Cushman & Wakefield’s Joe Yetter and Chad Iafrate
Bay City Plaza is fully leased to several tenants, including Rent-A-Center, Advance America, Subway, Little Caesar’s and St. Vincent de Paul.
According to CoStar Group, most of the property was originally built in 1988 and the retail center occupies a total of approximately seven acres.