|
|
2/04/10
|
In a notable San Diego-area retail buy, Investec has acquired The Plaza at Sunbow, a 100k sf shopping center in Chula Vista, for $21 mil ($210/sf). Located at 659 E. Palomar St, east of I-805 and north of Olympic Pkwy, The Plaza at Sunbow is anchored by Ralphs and CVS/pharmacy.
The Plaza at Sunbow was developed in 2002 by Kitchell Development and is situated on 11 acres at the northeast corner of Medical Center Dr and Palomar St. The center, which is 100% occupied, includes a host of national retailers including Starbucks, McDonald’s, KFC and T-Mobile.
Grant Harris, Investec’s Director of Acquisitions, stated that the addition of Sunbow brings Investec’s CA retail portfolio to nearly 2 msf of space, with a value of over $620 mil. Investec represented itself in this off-market transaction, while the seller, a private investor, was advised by Mark Lucescu of Lucescu Realty.
According to Kenneth Slaught, President of Investec, “Contrary to the general gloom about retail real estate, not all retail real estate is the same. Much of the adverse retail press has been focused on discretionary retail or the woes affecting large niche chains. In contrast, all of our existing grocery anchor tenants have shown sales increases averaging 2.9 percent over the past 12 months. With the grocery and drug stores typically accounting for approximately 60 percent of the leasable area of our centers, we are confident that our gross sales increases will continue at all of our shopping centers.”
In other recent activity, in October 2009 Investec completed the development of Gene Autry Plaza, a new $17.5 mil 60k sf shopping center in Palm Springs. The center includes a Smart & Final, Staples and 11.5k sf of shop space.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
