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SOUTHERN CALIFORNIA NEWS
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San Diego Area Neighborhood Center Sells for $5.25 Mil

8/13/18

Ashford Retail Center, a 21.3k sf, neighborhood center in San Diego’s Clairemont submarket, sold for $5.25 mil ($246/sf). The buyer was ERE Real Estate LLC.

Ashford Retail Center sits on a 60k sf lot at 3536-3550 Ashford St, in the dense residential market of Clairemont, and is shadow-anchored by Carnival Market. Other tenants in the center include Verizon Wireless, Domino’s Pizza and a number of other service providers.

CBRE’s Michael Peterson, Joel Wilson and Reg Kobzi were involved in brokering the transaction between the buyer and the seller, GME Properties.

“This was a good investment for a local buyer who saw the upside potential in rental rates and the ability to create value by leasing to service tenants that can cater to the surrounding neighborhood,” said Peterson.

The center is in proximity to the I-805, and centrally located near Mesa College and Sharp Memorial Hospital. The San Diego retail market fundamentals are strong with increased leasing activity and elevated asking rates, according to CBRE Research, which adds to the value of neighborhood and strip center investments across the county.





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