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2/08/17
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San Diego-based Pacifica Companies has acquired Best Plaza, a 65.2k sf neighborhood shopping center in Oceanside, for $14.2 mil ($218/sf). The property, situated on roughly seven acres at 1702 Oceanside Blvd, was acquired through an online auction from 1702 Oceanside Associates LTD.
Best Plaza was 35% occupied at the time of sale by three very strong, nationally recognized credit tenants: CVS Pharmacy, Chase Bank and Papa John’s Pizza. Originally constructed in the late 1960s and renovated in the mid 1990s, Best Plaza has exceptional visibility and access from I-5, and is located less than one mile from the Pacific Ocean.
Dixie Walker and Charley Simpson with Cushman & Wakefield’s Retail Services along with Ron Pepper of Retail Insite represented the seller in the deal.
According to Walker, a Managing Director with Cushman & Wakefield, “There was significant activity in the bidding process as the property offered a rare opportunity to acquire irreplaceable coastal real estate in a submarket with significant barriers to entry. The repositioning of the 42.7k sf vacant box (former Ralph’s space) can easily be demised to provide additional tenant options for major box tenants.”
Walker added, “The property is positioned within a stable retail submarket where vacancy rates have been more than halved over the last five years down to a rate of 4.4 percent, while rental rates have increased by nearly 20 percent in the last three years.”
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