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August 12, 2020
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Mission Valley Retail Center Goes for $434/sf


A local, private buyer has purchased Las Cumbres Square, a 12.8k sf retail center in San Diego’s Mission Valley, for $5.55 mil ($434/sf). Located at 6110-6120 Friars Rd, the property was originally built in 1978 and was remodeled in 2019.

The retail center was 70% leased to nine tenants at the time of sale. The tenant roster includes Round Table Pizza, Mr. Peabody’s Burgers & Ale and Los Panchos Taco Shop. The site offers 63 off-street parking spaces.

The investment is directly across from Riverwalk Golf Course, a future master-planned redevelopment site that will include 4,300 residential units, 150k sf of retail space and 1 msf of Class A office space. More than 157,658 people live within a three-mile radius of Las Cumbres Square, with an average household income of nearly $100,000. University of San Diego and Francis Parker School, a prominent private school in the area, are in proximity to the site.

CBRE’s Reg Kobzi, Joel Wilson and Michael Peterson represented the buyer and the seller, a local investor, in the transaction.

“Mission Valley has been a thriving submarket in San Diego for decades, largely due to its ideal central location,” said Kobzi. “The planned redevelopment of the Riverwalk Golf Course right across the street has made Las Cumbres Square an extremely coveted asset, as thousands of residents will move into the area over the next few years.”

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