Days Inn sells to La Mesa Multi-Family Partners, LLC

The 42-room, 22,410 square foot Days Inn, located at 7475 El Cajon Blvd. in La Mesa, recently sold for $8,350,000.

Mike Conger and Brian Jenkins of Commercial Asset Advisors (CAA) 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. According to CAA, their 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.

“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 Jenkins.

CAA has represented multiple buyers and sellers in all product types this year all over San Diego County.