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3/25/22
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Galleria Vera Cruz, a 28.5k sf, value-add retail strip center in San Marcos, sold for $9.45 mil ($331.50/sf). Originally constructed in 1986, Galleria Vera Cruz is 95% leased to a mix of local food, health and beauty and financial services tenants, including Kumon, Darunee Thai Cuisine, iTan, Filipino Depot, Inland Tavern and more.
Galleria Vera Cruz is situated on 2.16 acres at 1001-1003 W. San Marcos Blvd, at the highly visible intersection of San Marcos Blvd and Via Vera Cruz, which is seen by approximately 41,200 vehicles per day. This easily accessible position along one of the main thoroughfares in San Marcos and within a top retail corridor in the North San Diego submarket is less than a mile from SR-78 and Interstate 15. The property serves a growing trade area with more than 96,150 residents within a three-mile radius, which is expected to increase nearly five percent to 100,871 by 2026.
Daniel Tyner and Gleb Lvovich with JLL, along with Retail Insite’s Mike Moser, represented the seller, Galleria Vera Cruz L.P. A private buyer acquired the asset.
“The sale of Galleria Vera Cruz further proves the strong demand for infill located strip centers in Southern California,” Tyner said. “The relatively low in-place rents compared to the nearby submarket provided an attractive opportunity to investors, which resulted in us receiving multiple offers on the sale.”
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