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1/09/15
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Gershman Properties purchased Breeze Hill Commercial Center, a 17.9k sf retail center in Vista, for $10.23 mil ($572/sf) as part of a 1031 exchange. It was sold by Breeze Hill Commercial Center LLC.
The center is fully occupied by eight tenants, half of which are national tenants including: Starbucks, FedEx, Jersey Mike’s, and Rubio’s. Regional tenants include Pick Up Stix, Nutrition Zone and Ohana Hawaiian BBQ.
Built in 2001, the property is situated on 2.57 acres at 620 Hacienda Dr and 251 S. Melrose Dr, just off Hwy 78. The property is located in a high income and densely populated area with more than 263,000 permanent residents, and approximately 103,000 daytime consumers within a five-mile radius.
Rick Chichester, president and CEO, and senior managing director, Nicholas Coo, of Faris Lee Investments represented the seller in the deal. The Los Angeles-based buyer was repped by David Lachoff of Newmark Knight Grubb Frank. The closing cap rate was 5.35 percent.
According to COO, the property is well-positioned behind the San Diego County Superior Courthouse with direct pedestrian access between the properties. The listing produced six qualified offers before the final buyer was selected.
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