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10/14/19
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The AMC Theatres’ 14-screen multiplex at Palm Promenade, a popular movie and entertainment mecca located adjacent to one of the largest regional retail centers in south San Diego County, has sold for $32.3 mil. The buyer was a San Diego-based and privately held real estate investment trust (REIT) specialzing in single-tenant, net-leased, retail assets. Citivest Commercial Investments was the seller.
Located at 770 Dennery Rd in San Diego, just five miles from the U.S.-Mexico Border, the larger center boasts anchor tenants Home Depot, Walmart and Vons, as well as an extensive list of smaller national credit tenants. The property is directly accessible friom the San Ysidro Port of Entry in Tijuana and attracts movie goers from both sides of the international boundary. Officials said the mix of U.S. and Mexican patrons is is attracted to the geographically close center due, in large part, to the theaters’ state-of-the-art IMAX and RealD 3D screens.
Meantime, Citivest, which sold the center to the private San Diego-based REIT, in partnership with Hutensky Capital Partners, is developing some 73k sf of new retail and restaurant space immediately adjacent to the AMC multiplex. According to listing brokers Stewart Keith and Bradley Williams of Flocke & Avoyer Commercial Real Estate in San Diego, the now-under-construction addition is 90% pre-leased.
El Warner, Charley Simpson, David Maloy, Caitlin Zirpolo and Jordan Gomez with Colliers International Retail Capital Markets, with support from Matthews Retail Group, represented the seller in the transaction. The buyer represented itself.
“This has become one of the most contemporary entertainment centers in San Diego,” said Warner. “In addition to being within a 550k sf power center, two main factors appealing to the buyer were the opportunity to have a fairly e-commerce-immune asset in its portfolio and the reliable long-term income stream provided by a consumer-driven, net-leased asset like this one.”
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