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3/21/16
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Fallbrook Mercantile Center, a 70.4k sf, grocery-anchored neighborhood shopping center in the San Diego-area community of Fallbrook, sold for $23.6 mil, or $335/sf. Gerrity Group purchased the asset free and clear of existing debt from Tourmaline Capital.
Anchored by Major Market Grocery Store, Fallbrook Mercantile Center was 97% leased at the time of sale. It is home to national and regional tenants, including Anytime Fitness, Sherwin Williams, Burger King, Jersey Mike’s Subs, Fantastic Sam’s and Denny’s.
The center is situated on 6.6 acres at 813-855 South Main Ave in Fallbrook, an unincorporated community 56 miles north of downtown San Diego and near Marine Corps Base Camp Pendleton. Located between three major arteries in the area, Mission Rd, Main Ave and Fallbrook St, more than 45,400 vehicles pass Fallbrook Mercantile Center daily.
Gleb Lvovich and CJ Osbrink of HFF represented the seller in the transaction. According to Lvovich, Fallbrook Mercantile Center’s combination of strong sales and a dominant location within the submarket generated strong interest from both private and institutional investors.
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