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11/28/16
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In a recent $23.6 mil investment buy out of San Diego’s Miramar submarket, a private investor purchased Miramar Landing, a 131.4k sf retail entertainment center, and the Clayton Building, an adjacent, 39.2k sf, three-story atrium office building. Miramar Landing is located at 8990 and 8998 Miramar Rd, and The Clayton Building is located at 8996 Miramar Rd, west of I-15 at Camino Ruiz.
The combined properties cover over 10 acres and have over 407 feet of freeway frontage. They were owned and operated by Miramar Commercial Center LTD for 27 years, along with San Diego-based HCA Inc, which served as general partner and asset manager for the properties.
Miramar Landing is currently 100% occupied and consists of 13 tenants, including Nickel City Fun Center, Royal India, Scandinavian Designs, Seaside Buffet, and At Ease Games, among others. The property, which was built in 1985, served as a hub for furniture retailers until the Great Recession, when the owner recognized the shift in the market and repositioned the asset to a more entertainment-focused retail center.
The Clayton Building is a three-story office building with ground-floor retail, situated adjacent to the shopping center. The property is 87% occupied, although the ground floor space is 50% occupied by Sleep Train Mattress Center.
Brandon Keith, Randy LaChance and Ryan Bracker of Voit Real Estate Services represented both the buyer, 8990 Miramar Landing LP, and the seller, Miramar Commercial Center LTD, in the transaction. Keith and Bracker will manage the leasing of the vacant retail and office space on behalf of the new property owner.
“This opportunity was unique in the market. It is rare for two institutional quality assets to become available on one of the most heavily trafficked thoroughfares in San Diego,” explains Keith, Senior Vice President.
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