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9/26/24
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Plaza Rancho Del Oro, a 65k sf regional retail center in Oceanside, was purchased by an LA-based high-net-worth individual for $34.3 mil, or $527/sf. The property, located at 4120-4196 Oceanside Blvd, is shadow-anchored by Albertsons and Planet Fitness.
Plaza Rancho Del Oro is 92% leased to tenants, including Starbucks, My Salon Suites, Upper Crust Pizza, Wells Fargo and Carl’s Jr., along with a complementary mix of national, regional, and local retailers, service providers, and restaurants surrounding the shadow anchor Albertsons. The property consists of 29 local and national retailers.
Jimmy Slusher, James Tyrrell, and Megan Lanni of CBRE’s National Retail Partners-West team represented the seller, A&C Properties, a private investment firm based in Phoenix. The team was assisted by CBRE San Diego-based leasing experts Reg Kobzi, Michael Peterson and Joel Wilson.
“Plaza Rancho Del Oro’s national shadow anchors, below-market rents, attractive existing loan, diverse tenant mix, and central Oceanside location all contribute to increasing tenant performance at the property,” said Slusher. “This combination is particularly attractive to investors, as evidenced by the competitive bidding for Plaza Rancho Del Oro, with nearly 10 bids received. Across the market, there's continued strong investor demand for high-performing grocery-anchored centers offering stability and the potential for future rent increases.”
CBRE’s National Retail Partners-West team has closed three coastal grocery-anchored shopping centers in Southern California in the last 60 days, totaling over $137 mil in consideration. In addition to Plaza Rancho Del Oro, the team recently completed the sales of Santa Ana Centre ($46.5 mil) in Santa Ana and Marketplace Del Rio in Oceanside ($56.6 mil).
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