Brixton Capital purchased the former El Cajon Police Station located at 100 Fletcher Parkway in El Cajon, California for $4.2 million. The site, purchased from the City of El Cajon, marks Brixton’s fourth acquisition of 2018.
Brixton will transform the approximately 4.11 acres of developable land into Fletcher Marketplace, a mixed-use project comprised of approximately 16,000 square feet of retail space and a 60,000 square foot hotel. Brixton will sell 1.4 acres of the site to Excel Hotel Group, which will handle the hotel development portion of the project while Brixton simultaneously builds the retail portion.
According to Bob Emri, Chief Investment Officer at Brixton Capital, “This is an excellent opportunity to completely transform a high-profile corner in El Cajon. We have worked closely with the City the past two years to make this the best site possible and are excited to begin development.”
The retail center is 99 percent pre-leased and includes tenants In-and-Out, Blaze Pizza, California Fish Grill, Urbane Café and Mattress Firm.
“Retailing is undergoing massive changes, yet there are still exciting opportunities to create environments where customers’ daily needs are met for dining, entertainment and travel accommodations,” said Marc Brutten, Chairman and Founder of Brixton Capital. “Our Company continues to find additional opportunities to create and unlock value in commercial real estate throughout the Western U.S., generating outstanding returns.”
Don Moser and Matt Moser at Retail Insite represented both parties in the transaction and also manage leasing for Brixton Capital. Dempsey Construction will be the contractor.
Headquartered in Solana Beach, California, Brixton is led by a team of seasoned commercial real estate experts and currently owns and operates a portfolio valued in excess of $1 billion, representing over 10 million square feet of retail, multi-family, office, industrial and land investments across the United States and Europe. In 2017, Brixton Capital was ranked as one of the Top 50 Owners by Commercial Property Executive. www.BrixtonCapital.com