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SOUTHERN CALIFORNIA NEWS
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Exchange Investor Pays $450/sf for San Diego Area Retail Center

9/25/19

A Los Angeles-based private investor purchased Sabre Springs Plaza, a 15k sf, retail convenience center in San Diego for $6.8 mil ($453/sf) as part of a 1031 exchange. The deal closed at a 5.58% cap rate.

Built in 2004, Sabre Springs Plaza is situated on 1.35 acres at 11385-11395 Poway Rd, just east of the I-15. At the time of sale, the offering was 100% leased to a synergistic tenant lineup consisting of 7-Eleven along with 12 other retail, restaurant and service-oriented tenants.

Philip D. Voorhees, Sean Heitzler, Megan Wood with CBRE’s National Retail Partners-West (NRP-West) team, along with Reg Kobzi from CBRE San Diego, represented the seller, Capstone Advisors, a San Diego-based real estate investment, management and development firm. The buyer was repped by CBRE’s Gary Stache and Kevin Foley.

“Sabre Springs is home to internet-resistant tenants providing convenience, value, service and medical uses that have proven highly resistant to internet competition. No single tenant accounts for a significant portion of the income, making this asset very stable and resilient. It’s the perfect 1031 exchange replacement property for leveraged cash-on-cash-focused investor; the exact profile of the Sabre Springs buyer, said Voorhees.”

In addition to handling the investment sale, Shaun Moothart and Jennifer Ansari with CBRE’s Debt and Structured Finance Team, arranged the 10-year fixed hybrid, 3.85%, loan of $3.3 mil for the buyer.

According to NRP-West, CBRE’s marketing efforts distributed more than 1,308 offering memoranda and through the team’s “managed bid” offer process, generated seven offers to purchase Sabre Springs Plaza. With this closing, CBRE's NRP-West team has completed a total of 50 retail investment sales over the last 12 months and approximately $11.5 bil in closed retail transactions.





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