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10/06/17
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Santa Monica Property Investors paid $10.4 mil for Torrey Highlands Plaza, a 14k sf ($743/sf) retail center in San Diego’s Torrey Highlands area. The property is located at 13350 Camino Del Sur, north of Hwy 56 between I-5 and I-15. It is 100% leased to 10 service-based tenants.
Reg Kobzi, Joel Wilson and Michael Peterson with CBRE represented the seller, TH Plaza LLC, an affiliate of Paragon. Tim Mills, CCIM, SIOR, also with CBRE, repped the buyer.
The San Diego retail market fundamentals made a strong rebound in Q2 2017 after a mostly flat first quarter, according to CBRE Research. Leasing activity in Q2 was the highest in more than four years at 831.5k sf, nearly doubling the figure posted in Q1.
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