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7/19/24
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Marketplace del Rio, a 183.3k sf, high-quality neighborhood shopping center in Oceanside, was acquired by a nigh-net-worth investor in a $56.6 mil ($309/sf) transaction. The Stater Bros.-anchored center is situated on over 20 acres at 3762-3774 Mission Ave.
Stater Bros has anchored the center for several years and recently signed a long-term lease extension and expansion. The property recently completed an extensive remodel of its exterior and common areas and interior spaces. It celebrated a grand reopening of its enlarged store in early 2023.
The seller, ROIC, was represented by Jimmy Slusher, James Tyrell, and Preston Fetrow of CBRE.Phil Lyons and Chad Iafrate with Cushman & Wakefield repped the buyer in the deal. The duo was also hired by the buyer to handle leasing efforts for the center moving forward. The buyer also hired 1st Commercial Management Group – San Diego, Inc. a subsidiary of West Coast Retail Management, Inc, headed by Roberta Degener, to provide management services.
“The buyer was really drawn to the shifting retail demographics of the Oceanside trade area along with the long-term residential densification and historic stability of the asset,” commented Lyon. “In addition, the buyer liked that the shopping center was located on more than 20 acres of prime coastal north county San Diego land that lends a variety of future alternative investment options, including the potential for redevelopment and / or repositioning over the long term.”
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