Former Department Store adjacent to Mission Valley Mall trades hands

ORANGE COUNTY, Calif., Jan. 24, 2025 – JLL Capital Markets announced today that it has completed the sale of a premier 9.3-acre redevelopment site consisting of a 185,051-square-foot, former Department Store in San Diego, California.

JLL represented the private seller. The buyer was a joint venture between Jofa Capital, LLC and BLT Enterprises.

The property sits on a 9.3-acre parcel and offers a unique opportunity to control a large site within Mission Valley. Situated adjacent to many high-volume retailers and new residential product, the site's potential for transformation is amplified by its strategic position along Camino De La Reina Ave and the city of San Diego’s flexible zoning which encourages mixed-use development. "This acquisition aligns perfectly with our mission to pursue transformative projects that add value to communities," said Brian Novak, Co-Founder and Managing Principal at Jofa Capital, LLC. "We are thrilled to work with BLT Enterprises on reimagining this prime site in Mission Valley and are committed to delivering a redevelopment that reflects the unique character and potential of this area."

The redevelopment site adjacent to the Mission Valley Mall has a prime location at 1555 Camino De La Reina, strategically situated between SR-163 and I-805 freeways, which see a combined daily traffic of over 415,000 vehicles. Strategically positioned in the Mission Valley submarket north of downtown San Diego, the property offers excellent visibility and accessibility.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Director Daniel Tyner and Senior Managing Directors Gleb Lvovich and Geoff Tranchina.

"It is rare we see opportunities like this come to market with immediate repositioning potential on over nine acres of land," said Tyner. "The property's strategic location, coupled with the area's strong demographics and high foot traffic, positions well for the future enhancement of the site."

“With extremely limited development and strong fundamentals, retail development opportunities are highly sought after, but tough to pencil,” added Lvovich. “The resulting product often times commands premiums both on rent and exit cap rates. We are excited watch the next phase of Mission Valley unfold.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

Jofa Capital, a Los Angeles-based real estate investment firm, specializes in finding exceptional deals across diverse property types, focusing on complex and niche opportunities that require creativity and hands-on expertise. The company thrives on transforming challenging projects into valuable assets, leveraging their team's passion for innovation and willingness to tackle unique ventures outside the mainstream.

Headquartered in Santa Monica, Calif., BLT Enterprises was founded in 1984 and is a multi-faceted real estate development and investment company with an exceptional track record of success in industrial and commercial real estate. The firm’s portfolio currently consists of 48 industrial and commercial properties primarily in California.

BLT Enterprises specializes in the acquisition, entitlement, development, operation, and property management of industrial, office, retail, mixed-use and special-use properties.