Retail Insite announces the sale of the former VONS anchor at Poway Town & Country Center located at 13438 Poway Rd. The 40,000 square foot building was sold for $5,900,000.
John Still of Point Realty Advisors and Brian Pyke of Retail Insite represented the seller and buyer in this transaction. The seller was Barbara J Malone Trust and the buyer was Becker Properties. Becker Properties had purchased the shops and pad buildings surrounding the anchor position in a previous transaction.
Still and Pyke were able to secure leases with ALDI Grocery and Harbor Freight Tools (HFT) during escrow to backfill the VONS vacancy. Becker Properties plans to remodel the center and breathe new life into the project with the additions of ALDI and HFT.
“This was an incredibly complicated transaction involving a vacating anchor tenant, negotiating new leases during escrow, construction variables, multiple CC&R restrictions, approvals from adjacent property owners, and more. In the end, both buyer and seller worked incredibly well together and got it over the finish line.” said Brian Pyke of Retail Insite.
Point Realty Advisors and Retail Insite have been retained by Becker Properties to continue leasing the project and assisting in the redevelopment.