|A San Marcos-based investor has acquired Bernardo Heights Plaza, a 37.7k sf, Sprouts-anchored shopping center in the San Diego-area, master- planned community of Rancho Bernardo. The purchase price was $12.45 mil, which works out to about $330/sf.
Bernardo Heights Plaza is situated on 3.22 acres at 15727 and 15731 Bernardo Heights Pkwy, just west of Pomerado Rd. The center was built in 1983, and was remodeled in 2006. It is anchored by Sprouts and was 100% occupied at the time of sale. Other tenants include Tuesday Morning, Bernardo Heights Dental Group, Majestic Nails & Spa, Sports Clips and Wholesome Choice Pet Market.
William B. Asher and Edward B. Hanley of Hanley Investment Group Real Estate Advisors represented the buyer, ROIC BHP LLC, and the seller, MPC Bernardo Heights L.P. of Anaheim. “Other than single-tenant, net-leased assets, grocery-anchored shopping centers continue to be one of the most sought after retail investments in today’s market,” Asher pointed out.