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5/16/16
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New York City-based Zurich Alternative Asset Management, LLC (ZAAM) closed on a recent retail acquisition in south San Diego County, paying $51 mil for The Marketplace at Windingwalk, a 104.2k sf, grocery-anchored neighborhood retail center in the Eastlake submarket. The property was sold by Aliso Viejo-based Shea Properties.
The property, anchored by Vons, was 96 percent occupied at the close of escrow. Other tenants include In-N-Out Burger, Wells Fargo, and Bank of America, as well as a strategic mix of regional and local tenants.
Built in 2008 and situated on a 9.3-acre parcel of land at 1754 – 2160 Eastlake Pkwy in Chula Vista, The Marketplace at Windingwalk is located at the southeast quadrant of Eastlake Parkway and Birch Rd, approximately 10 miles south of Downtown San Diego. The institutional-quality center was designed and constructed to cater to the rapidly expanding clientele in the master-planned community of Eastlake.
Pete Bethea, Rob Ippolito and Glenn Rudy of NGKF Capital Markets’ retail division represented Shea Properties. ZAAM repped itself. ZAAM is an alternative investment adviser to Zurich North America and its affiliates (Zurich) that is responsible for the group’s hedge fund, private equity and US real estate investments. The ultimate parent of Zurich is a publicly traded firm, which is one of the world’s largest insurance companies with roughly $200 bil of investments on its balance sheet.
“The Marketplace at Windingwalk represented an excellent opportunity to acquire a best-in-class neighborhood center located in a premier San Diego County neighborhood experiencing explosive growth,” said Bethea. “This center’s location, architecture, tenant lineup and tenant performance are unique in today’s investment climate and are ideal for today’s core investor.”
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