Commercial Scene : San Diego Factory Outlet Center Gets New Owners
San Diego Factory Outlet Center, the first of its kind in the Southland, has been purchased by Wohl Investment Co., Irvine, from Plaza Mayor Investment, San Diego.
American Senior Inns and Urban Group represented both parties in the transaction. The four-building, $14-million center opened last November just west of Interstate 5 on Camino de la Plaza in San Ysidro, the last exit before the U.S.-Mexico border.
A second phase, valued at $1.2 million, is expected to be in construction this summer. The additional 20,000 square feet to the 125,000-square-foot project will bring the total number of tenants to 28.
The converted shopping center is 80% leased with tenants such as Revlon, Izod, Corning, Bass, Black & Decker, Nike, Mikasa, Van Heusen, Gitano, Aileen and Leatherloft. The retailing concept originated on the East Coast in such cities as Reading, Pa., Freeport, Me., and North Conway, N.H., where manufacturers lease space and sell direct to the public.
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