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9/05/07
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An affiliate of NY-based Greenstreet Real Estate Partners has acquired Poway Crossings, a 114.8k sf retail center at 12622-13224 Poway Rd in Poway, for $30.7 mil ($267/sf). It was sold by Westcore Properties, out of San Diego.
The five-building asset is situated on a 10.1-acre lot and is anchored by LA Fitness and Rite Aid. Other tenants include K-5 Board Shop, Wells Fargo Financial, Triple Threat Performing Arts Center and Kentucky Fried Chicken. Westcore acquired the LA Fitness building and then the remainder of the center in separate transactions in 2003–2004 and has done a major renovation and re-positioning of the property.
Pete Bethea of Burnham Real Estate Services handled negotiations for both the buyer, Poway Crossings Investors LLC, and the seller, Westcore Poway Plaza LLC and Westcore Poway LAF LLC. John Jennings of Burnham's Retail Advisory Team is handling leasing at the center.
In an Orange County sale, the Walgreen Company purchased the 10.8k sf former Tower Records building in Costa Mesa, at 1726 Superior Ave, near the intersection of Newport Blvd and 17th St. The building, which was vacant at the time of the sale, sold for $9.7 mil, or about $900/sf. The buyer intends to open a Walgreens pharmacy at the location.
Ryan Gallagher and Michael Randall of Grubb & Ellis took care of matters for the seller in the transaction. Richard and Scott Landess of Strategic Properties Inc repped the buyer.
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