REBusinessOnline

Talmadge Gateway Buys Retail Center in San Diego for Conversion to Seniors Housing

Wakeland Housing and Development Corp. will redevelop the site to incorporate a mix of retail and affordable residential units for disabled seniors.

SAN DIEGO — Talmadge Gateway LP has acquired a 35,183-square-foot retail center in the San Diego submarket of Talmadge for $2.5 million. Wakeland Housing and Development Corp. will redevelop the site to incorporate a mix of retail and affordable residential units for disabled seniors.

Alessio Leasing Corp. sold the property, which includes three parcels. Ricardo Lopez and Keith Courtney of San Diego-based brokerage firm ACI Apartments represented both the buyer and the seller in the transaction.

The property was acquired with a mix of public and private financing, including a loan from the San Diego Housing Commission and Wells Fargo bank. Renee Marshal of Chicago Title Co. handled escrow. Chris Ghio of Chicago Title handled the title insurance.

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