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East County News Service
April 9, 2023 (La Mesa) – The 42 room, 22,410 square foot Days Inn lat 7475 El Cajon Blvd in La Mesa sold for $8,350,000 on March 31, Commercial Asset Advisors (CAA) announced. The new owner plans to convert the property to apartments, according to CAA.
Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the Seller, Lotus Hotel, Inc. The Buyer, La Mesa Multi-Family Partners, LLC was represented by Salvatore DeMaria of Coldwell Banker Realty.
The Days Inn features 42 large rooms, with existing kitchen infrastructure in the heart of the multi-family supply constrained La Mesa.
“CAA’s comprehensive knowledge of the La Mesa market allowed them to successfully identify the demand for an adaptive reuse to multi-family conversion. CAA was able to capture a premium value for the seller by pricing this asset consonant with its adaptive reuse potential,” a press release states.
“We are excited to have facilitated the sale of this exceptional property; we were able to identify additional value for the seller by marketing this deal as an apartment conversion. This represents a tremendous investment opportunity for the new owner to capitalize on additional cash flow, reduced operating costs, and lower apartment cap rates with an adaptive reuse,” said Brian Jenkins.
CAA has represented multiple Buyers and Sellers in all product types this year all over San Diego County, demonstrating the firm’s ability to maximize values regardless of product type, location, or situation.
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