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San Diego Strip Center Property Sells for $769/sf in Recent Private Investor Buy

9/23/16

A CA-based private investor has purchased the Taco Bell and Shops, an 18.2k sf strip center in San Diego, in a recent transaction valued at $14 mil, or $769/sf. The property, which is leased to a synergistic mix of food and service tenants, including Taco Bell, El Pollo Loco, Pick Up Stix, AT&T and T-Mobile, traded at a 5.0% cap rate.

Taco Bell and shops, located at 2007-2025 Camino del Este, sits on a 1.21-acre at the entrance of the Westfield Mission Valley Mall, a 1.1 msf super regional shopping center, and along the I-8 Fwy (235,000 cars per day). The property was built in 1999 and was 100% leased at the time of sale.

Philip D. Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow and John Read of CBRE’s National Retail Investment Group – West, along with CBRE Senior Vice President Reg Kobz,i represented the seller, MVR LLC, a Los Angeles, Calif.-based private investor. David Lachoff of Newmark Grubb Knight Frank represented the buyer in the deal.

"This transaction was remarkable for its low cap rate and exceptional pricing on a per-square-foot basis considering the two-level nature of the project, all of which speak to its tremendous location," said Voorhees. "For the seller, a private real estate investor, pricing was at the top end of the anticipated range. For the buyer, also a private investor with a long-term investment horizon, the cash-on-cash yield resulting from new financing at historically low rates produced a compelling return in an irreplaceable asset."

In addition to handling the investment sale, Bruce Francis, Shaun Moothart, Dana Summers and Bob Ybarra with CBRE’s Debt & Structured Finance team arranged the non-recourse 10-year, fixed-rate loan of $7.3 mil.

According to Moothart, “Leveraging CBRE’s extensive capital base, we identified and attracted significant interest from portfolio lenders consisting of life companies and banks. Ultimately, we were able to secure a non-recourse loan at a very competitive interest rate fixed for a 10-year term with a 30-year amortization, with an additional option to extend the loan for three years on a variable rate basis and maximum prepayment flexibility.”





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