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September 2, 2014
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SAN DIEGO NEWS
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JH Real Estate Partners Picks Up San Diego Retail Center for $35 Mil

3/03/14

Newport Beach-based JH Real Estate Partners (JHREP) has acquired a 125.7k sf shopping center in San Diego County for $35 mil ($279/sf). JH Real Estate Partners acquired the asset in an off-market transaction from an East Coast seller who had acquired the center in 2006.

The property, the San Carlos Shopping Center, is located at the Navajo Rd exit of the 125 Fwy in the Lake Murray section of San Diego. The center is currently 81% leased to a variety of tenants including Walgreens, LA Fitness, Chase Bank and Starbucks.

The shopping center currently has spaces available for lease totaling 25k sf that could accommodate two junior anchor tenants. JHREP plans to reposition the center, which will include significant renovations. The company has hired Cassidy Turley as the leasing brokers.

JHREP has historically been known for its investments in multifamily properties in Southern California, however, over the past two years JHREP has purchased over 500k sf of shopping centers. The company plans on expanding its retail holdings throughout California with a goal to acquire approximately 2 msf of retail shopping centers within the next three years.

Commenting on this acquisition, Ernie Rivas, Director of Acquisitions for JH Real Estate Partners, said “The demographics surrounding the San Carlos Shopping Center are excellent, as is its strategic location on a freeway off ramp. The renovation and leasing plan will elevate the property into a Class A shopping center.”

Founded in 1989, JH Real Estate Partners Inc is a privately held vertically integrated real estate operating company specializing in the management, construction, renovation and development of retail shopping centers, multifamily housing and mixed-use developments in Southern California. JHREP has owned and operated over $1 bil worth of multifamily units, land, retail properties and commercial space located in Southern California.. The company has recently signaled a shift in its strategy to primarily focus on acquiring retail properties.




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