Texas Family Office Completes $31.5M Retail Real Estate Acquisition of Grocery-Anchored Center in El Cajon, California
EL CAJON, Calif. — A Texas-based family office has completed a $31.5 million acquisition of The Shops at Parkway Plaza, a grocery-anchored retail center totaling 122,484 square feet in El Cajon, California, JLL announced June 5, 2026.
JLL Capital Markets represented the private seller in the transaction. The deal implies a price of approximately $257 per square foot based on the disclosed purchase price and property size.
Property Overview
The Shops at Parkway Plaza is located at 149 Fletcher Parkway, adjacent to Parkway Plaza Mall, a regional shopping destination in East County San Diego. The property was 93% leased at the time of sale.
The center's tenant roster includes Aldi as the grocery anchor alongside Best Buy, HomeGoods, Texas Roadhouse and Applebee's.
The property benefits from direct visibility and access from Interstate 8 and the San Vicente Freeway, which together carry more than 260,000 vehicles per day, according to JLL. A trade-area population of more than 169,000 residents within three miles further supports the center's daily-needs orientation.
Transaction Details
JLL's marketing of the property emphasized NOI growth potential and mark-to-market upside from in-line space. The cap rate for the transaction was not disclosed.
"Grocery-anchored neighborhood retail continues to perform extremely well and demand strong activity across multiple investor profiles. Parkway Plaza offered investors a great opportunity to acquire a well performing daily needs center with NOI growth potential," said Daniel Tyner, Managing Director at JLL Capital Markets.
Outparcel Structuring
JLL Capital Markets noted that the Parkway Plaza transaction represents the team's second recent completed sale of a shopping center outparcel adjacent to a regional mall, a deal type that requires specialized structuring given the interdependencies between outparcel assets and their adjacent mall properties.
"Parkway Plaza represents our second recent successful sale of a shopping center outparcel to a regional mall, demonstrating our expertise in navigating the complex structuring required for these transactions," said Gleb Lvovich, Senior Managing Director at JLL Capital Markets. "The property generated significant investor interest across multiple capital sources, driven by strong mark-to-market upside from in-line space and excellent anchor tenant sales. These outparcel assets continue to offer a unique value proposition in today's market."
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Daniel Tyner and Senior Managing Directors Geoff Tranchina and Gleb Lvovich.