Homart Development Co. has purchased 33 acres of the 55.8-acre Chula Vista shopping center from the Nohl Trust, Los Angeles, and is proceeding with plans for a $40 million renovation of the 25-year-old project. Homart is the development arm of the Coldwell Banker Real Estate Group, a part of the Sears Financial Network.
The parcel encompasses shops, with Sears as the largest occupant with ownership of 14.7 acres of the property. The center's parking lot has been parceled out, taking into consideration a reciprocal easement agreement with Homart.
Another five-acre parcel owned by Carter Hawley Hale is in escrow to Homart and is expected to close by the end of the year. The Broadway Department Store will retain ownership of its 8.1-acre site.