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2/19/15
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A 45k sf, single-tenant, NNN-leased retail property fully occupied by Dave & Busters in San Diego traded hands at a price of $11.9 mil ($264/sf). The leasehold interest in the property, situated on 6.54 acres at 2931 Camino Del Rio N, was purchased by Store Capital, a private REIT from Scottsdale, AZ.
Dave & Busters, a leading owner and operator of high-volume venues that combine dining and entertainment throughout North America, has been at the location since it was built in 2000. It is well-located at the corner of Camino Del Rio N, at the intersection of the 805 and 8 freeways near Downtown San Diego. Qualcomm Stadium, Costco, Mission Valley Mall, and Lowe’s are just a few retailers near the property. It is also within a densely populated area with more than 525,000 residents and more than 393,000 day time employees within a five-mile radius.
Jeff Conover, senior managing director, with Faris Lee Investments represented the seller, Los Angeles-based San Diego Food & Games LLC. The buyer was repped by Patrick Luther, director, and Matthew Mousavi, senior managing director, with Faris Lee Investments.
“The buyer acquired the leasehold interest in the property, which includes the building and income stream. There are six years remaining on the ground lease occupied by Dave & Busters,” said Conover. “Because of these factors, there was no bank financing available for the acquisition and we were able to deal match an all-cash, REIT buyer that understood the strength of the tenant as well as the prime San Diego location.”
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