CBRE Facilitates $3.7M Multi-Tenant Retail Transaction in San Diego Suburb

A multi-tenant retail property situated in the growing San Diego suburb of Santee, California, has officially traded hands for $3.7 million. The transaction highlights a continued flight to stability among commercial real estate investors seeking essential, service-oriented retail assets in secondary suburban markets.

According to Shopping Center Business, the commercial real estate services firm CBRE arranged the $3.7 million sale of the multi-tenant retail building. The asset, which spans across two adjacent parcels totaling 16,390 square feet on 1.1 acres, is physically located at 8781 Cuyamaca Street and 9822 Buena Vista Avenue. The property is positioned approximately 18 miles northeast of downtown San Diego, anchoring a vital commercial corridor in the Santee submarket. The property was 90% leased at the time of sale.

Affiliates of Calgary Development sold the asset to Burggraf Family Trust. CBRE's Reg Kobzi, Michael Peterson, and Lane Robertson represented the seller, while William Strocco Jr. of St. Rocco Properties represented the buyer.

Key Details

• Financial Terms: The asset closed at a final sale price of $3.7 million.
• Property Size: 16,390 SF across two parcels on 1.1 acres.
• Property Location: The multi-tenant building is located at 8781 Cuyamaca St. and 9822 Buena Vista Ave. in Santee, Calif.
• Seller: Affiliates of Calgary Development.
• Buyer: Burggraf Family Trust.
• Brokerage Representation: CBRE (Reg Kobzi, Michael Peterson, Lane Robertson) represented the seller; William Strocco Jr. of St. Rocco Properties represented the buyer.
• Occupancy: The property was 90% leased at the time of sale.
• Submarket Profile: Santee is a residential hub situated in the broader San Diego metropolitan area, approximately 18 miles northeast of downtown San Diego.

Market Context

The $3.7 million transaction reflects a broader national trend of capital pivoting toward convenience-based, multi-tenant retail. Over the past several quarters, institutional and private investors alike have shown a distinct preference for unglamorous, service-oriented properties—such as medical offices, quick-service restaurants, and local fitness centers—that boast strong traffic histories and resilient tenant bases.

Santee, frequently categorized as a secondary market within the larger San Diego Metropolitan Area, offers a distinct value proposition for buyers priced out of core coastal submarkets. The Eastern San Diego County region has experienced an influx of younger families seeking affordable housing, which in turn drives consistent retail expenditures. Neighborhood retail plazas in these pockets benefit heavily from their captive audience and lack the high turnover risks associated with trend-reliant discretionary retail.

Deals of this size and scale in Southern California typically indicate private investor involvement, as $3.7 million represents a manageable price point for 1031 exchange buyers, local family offices, or high-net-worth individuals. In the current interest rate environment, smaller-scale multi-tenant retail offers a compelling balance of manageable debt service requirements and reliable cash flow.