A 20,155-square-foot retail property at 4840 Niagara Avenue in Ocean Beach, San Diego, has been sold for $12.6 million. The site encompasses 1.66 acres and is currently a former Rite Aid, with implications for conversion into a last-mile delivery hub for Walmart. The property allows by-right logistics use, showcasing its potential for repurposing in the context of the growing e-commerce sector.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $12,600,000
• Square Footage: 20,155
• Address: 4840 Niagara Avenue
• Market: San Diego
• Price per Square Foot: $625
• Buyer: Murfey Company
• Seller: Gelber Realty Corporation
• Brokerage: CBRE
• Brokers: Conor Brennan & Reg Kobzi
• Lot Size: 1.66 acres

An affiliate of Murfey Company is exploring the site's redevelopment potential, particularly for logistics and multifamily use. Conor Brennan and Reg Kobzi of CBRE represented both the buyer and seller in this transaction, which aligns with the trend of transforming vacant retail spaces into micro-fulfillment centers to meet increasing demand in the e-commerce landscape.