Locally based San Diego Income Properties has purchased a retail and office property in Hillcrest for $10 million, according to brokerage firm Marcus & Millichap.

The seller of the 25,545-square-foot property, at 1202-1228 University Ave., was Gaslamp Portfolio Management of San Diego. The buyer and seller were represented by Marcus & Millichap’s Ben Tashakorian and Nick Totah.

The property is anchored by Sleep Train Mattress Center and was 75 percent occupied as of the close of escrow.