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9/29/15
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Scripps Ranch Marketplace Phase II, a 28.7k sf shopping center in San Diego, was acquired for $20.45 mil ($713/sf) by a Santa Barbara-based private investor who was in a 1031 exchange. The property, located at 10549 Scripps Poway Pkwy, east of I-15, is shadow anchored by a Vons and CVS/pharmacy (both were not part of the sale), along with Chase, Verizon, Which Wich and a synergistic line-up of local retail favorites.
Built in 2000, Scripps Ranch Marketplace Phase II consists of four parcels on a 6.9-acre site along Scripps Poway Pkwy, which is one of the trade area’s primary arterials and provides immediate access to the I-15. The center was 100% occupied at the time of the sale.
Philip D. Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Brad Rable, Matt Burson, Jimmy Slusher and John Read of CBRE’s National Retail Investment Group – West (NRIG-West), together with Mike Moser of Retail Insite, represented the seller, a San Diego-based private asset management and investment company. The transaction closed at a 5.0% cap rate.
According to Voorhees, the CBRE team’s marketing system distributed more than 318 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated multiple offers to purchase the property. “The strong competition to acquire Scripps Ranch Marketplace demonstrates the continued investor preference to own the best performing, highest quality grocery-anchored neighborhood shopping centers throughout Southern California, even though the grocer and pharmacy were not a part of the sale,” said Voorhees.
With this closing, CBRE's NRIG-West team has closed 143 transactions since the start of 2012 for a total consideration of $2.7 bil. In total, the NRIG-West team has listed and sold more than $8.6 bil in retail transactions. Other NRIG-West Team California listings include Kalmia Plaza, CA, listed for sale for $7.6 mil; Shops at Stonecreek Plaza in Los Banos, CA, listed for sale for $13.26 mil; and Aldi & Shops at Tri City Corporate Centre in San Bernardino, CA, offered for sale for $5.4 mil.
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