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10/11/19
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San Marcos Village, a 96.6k sf, grocery/discount-anchored neighborhood center in San Marcos, Was acquired by San Diego-based SENTRE Inc in a $19.25 mil ($199/sf) transaction. At the time of sale, the property was 92% leased to a collection of internet-resistant tenants including: Grocery Outlet, 99 Cents Only Store and AutoZone to name a few.
Situated on just over eight acres at 109-195 Rancho Santa Fe Rd, the property provides key access and visibility to the 78 Fwy. San Marcos Village features a traditional, linear site plan with ample parking.
Philip D. Voorhees, Reg Kobzi, Preston Fetrow and Eric Shain with CBRE’s National Retail Partners-West represented both parties in this transaction. The seller worked with Scott Peterson, Bill Chiles, Brian Cruz and Morgon Fraser of CBRE’s San Diego Debt & Structured Finance team to arrange an $11.64 mil, seven-year fixed-rate loan through a regional bank.
“It became clear early in the sales process that San Marcos Village was going to be an excellent investment opportunity for SENTRE. Having worked with this San Diego-based investment group multiple times in the past 24 months, we knew that they would understand and appreciate the long-term opportunity that existed in this offering. This was clearly a ‘win-win’ for both the buyer and seller,” Fetrow said.
The seller acquired the property back in 1974 and started the revamping of the center to high-credit and brand-name discount tenants in 2008 when 99 Cents Only Store moved into the former Safeway/Miller’s Outpost space.
“The acquisition of San Marcos Village provided a tremendous opportunity for an investor to purchase a stabilized shopping center with exceptional cash flow growth,” said Voorhees. “The property’s ideal location directly adjacent to State Route 78 with over 1,000 feet of linear frontage along Santa Fe Road, the trade area’s primary arterial, combined with significantly below market in-place rents provides the new ownership with the flexibility to execute various future reposition strategies and add significant value over time.”
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