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December 15, 2018
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San Diego Area Retail Property Traded in $10 Mil Deal


San Diego-based Becker Properties LLC bought Riverdale Shopping Center, a 66.4k sf, neighborhood retail center in San Diego’s Mission Gorge submarket, for $10.1 mil ($152/sf). It was sold by a partnership advised by San Diego based commercial real estate investment firm SENTRE, including Peckham Properties Inc Commercial Sites Limited, and Wells Fargo Bank, N.A., in its fiduciary capacity as Trustee of McKinney Survivor’s Trust.

Built in 1980, Riverdale Shopping Center is a wholly-owned center on 10.22 acres of leased-fee and fee-simple land and situated at 10320-10370 Friars Rd. The single-level CVS-anchored retail center was 100% leased at the time of sale and includes tenants Black Angus, and Armstrong Nursery, along with a synergistic mix of other food, service and retail tenants.

Philip D. Voorhees, Jimmy Slusher, Kirk Brummer, Megan Wood and Sean Heitzler of CBRE’s National Retail Partners-West (NRP-West) team, along with Reg Kobzi, also with CBRE, represented the seller in the transaction. Kobzi also repped the buyer, who purchased the property as an addition to its portfolio.

“The shopping center is an infill property and 50 percent of the tenants have been on the property for more than 20 years,” said Brad Becker, Principal of Becker Properties. “The sales volume for the tenants are excellent, the rents are well below market and there is an opportunity to refresh the appearance and tenant mix in the near future. This completes Becker Properties fourth acquisition in San Diego County and seventh overall in Southern California in the past 24 months.

“Historically we have been a developer and value-add investor; we see this property as more passive; however, with our planned value-add components, we believe we will keep this property for years to come,” added Becker, who has built and/or bought 50 shopping centers and NNN investments in his career.”

According to Voorhees and Kobzi, the CBRE’s joint marketing efforts distributed more than 509 offering memoranda and through the teams’ “managed bid” offer process, generated more than six offers to purchase the property.

“The San Diego retail market fundamentals remained positive in the third quarter of 2017, as average asking rates increased $0.01 quarter-over-quarter to $2.29 triple net, the highest rate since the recession,” Kobzi said. “Due to strong net absorption, total vacancy rates declined 20 basis points quarter-over-quarter to 4.8 percent.”

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