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8/31/16
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Old Grove Marketplace, an 81.3k sf, grocery-anchored retail center in Oceanside, traded hands for $23.25 mil ($286/sf). InvenTrust Properties Corp purchased the property from Gerrity Group free and clear of existing debt.
The property is 91.1 percent leased to anchor Ralph’s Marketplace and a variety of national and regional tenants, including U.S. Bank, Starbucks, Pick Up Stix, H&R Block, Oceanside Family Dentistry and AT&T. Completed in 2005, the four-building center is shadow anchored by Lowe’s.
Old Grove Marketplace is situated on 8.65 acres at 101, 125, 165 and 175 Old Grove Road at the intersection of Hwy 76 and Old Grove Rd. The retail center is visible to more than 65,000 vehicles per day from its location at one of the most heavily trafficked intersections in Oceanside, and more than 120,000 residents with an average household income of $74,360 live within a three-mile radius of the center.
Gleb Lvovich, CJ Osbrink and Bryan Ley with HFF represented the seller.
“The offering generated significant activity from both private and institutional investors, demonstrating continued demand for grocery-anchored shopping centers along the western United States,” Lvovich noted.
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