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Partnership Sells Dual Grocery-Anchored Shopping Center in Chula Vista for $42M

Gateway Marketplace in Chula Vista, Calif.,
is anchored by Smart & Final and Aldi grocery stores.

Gateway Marketplace in Chula Vista, Calif., is anchored by Smart & Final and Aldi grocery stores.

CHULA VISTA, CALIF. — A partnership between Brixton Capital and ALTO Real Estate Funds has completed the disposition of Gateway Marketplace, a grocery-anchored shopping center located at 40 N. Fourth Ave. in Chula Vista.

An affiliate of American Assets Trust purchased the 127,861-square-foot property free and clear of existing debt for $42 million.

Smart & Final and Aldi anchor the property, which was constructed in 1997 and redeveloped in 2016. Additional tenants at the 98.7 percent-leased center include Party City, Hobby Lobby, Mattress Firm, Little Caesars and AT&T.

Gleb Lvovich and Bryan Ley of HFF represented the seller, while Mike Moser of Retail Insite assisted as a local market contact in the transaction.

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