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December 9, 2023
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San Diego Retail Center Sells in Two Deals Totaling $41.6 Mil


Shops at Palm Promenade, a 72.4k sf retail center in San Diego, traded hands for $41.6 mil in two separate transactions. The property is located at 756, 760, 762, 764, 780 and 804 Dennery Rd, east of I-805 and south of Palm Ave in the Otay Mesa area of southern San Diego County.

In the larger of the two trades, a local private exchange investor paid $25.8 mil for five buildings totaling 27.1k sf located at 756, 762, 764, 780 and 804 Dennery Rd. The assets include: a ground-leased Chick-Fil-A; a pad building occupied by Starbucks, Jersey Mike’s and Domino’s; a building occupied by Epic Wings, Jamba Juice and Navy Federal; and a building occupied by Baskin Robbins, UPS Store and Spine & Sport.

The other deal was for a 45.3k sf building located at 760 Dennery Rd occupied by Burlington. That property was acquired for $15.7 mil by a REIT that focuses on single-tenant properties.

Centrally located within an affluent and densely populated part of San Diego, Palm Promenade is 100% leased to a synergistic mix of 14 quality long-term tenants, strategically situated between major destination retailers, Home Depot and Walmart. It also encompasses an AMC Theatres location. In its entirety, Palm Promenade serves as the largest power center in San Diego.

Colliers’ Orange County-based National Retail Capital Markets team, comprised of El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez, and Alyssa Mera, represented the sellers, Citivest and Hutensky Capital Partners, in both transactions. The deals worked out to an overall price of $574/sf and a cap rate of 5.19%, according to Colliers. The asset provides investors with highly sought-after long-term leases with an average of 10.25 years remaining.

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