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December 5, 2023
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San Diego Retail Center Trade Comps at $386/sf


A private investor paid $27.2 mil for Fallbrook Mercantile Center, a 70.4k sf ($386/sf), grodcery-anchored retail center in the San Diego County community of Fallbrook. The property was sold by Gerrity Group LLC.

Photo: Marc Weisberg
Photo: Marc Weisberg
Fallbrook Mercantile Center is anchored by Major Market, a high-volume grocery store that has operated at the center since 1989 and has shown its commitment to the location with its long-term lease. The 97%-leased center is also home to a stable and dynamic tenant base with a strong renewal history, including Anytime Fitness, Denny’s, Sherwin Williams, H&R Block, Jersey Mike’s Subs, Burger King, United Studios of Self Defense, Bella Dental Care and Pho House and Grill.

Positioned on 6.54 acres at 713, 825, 833 and 835-855 S. Main Ave, Fallbrook Mercantile Center is the dominant shopping center in Fallbrook, which is 55 miles north of downtown San Diego and immediately east of the U.S. Marine Corps’ Camp Pendleton. The property is at a highly visible location between three major Fallbrook arterials that sees more than 48,000 vehicles per day pass by. The center serves an affluent trade area with 31,300 residents within a three-mile radius who earn an average annual household income of $93,082.

Gleb Lvovich, Bryan Ley and Daniel Tyner with JLL Capital Markets represented the seller in the deal. According to JLL Research’s recently released United States Retail Outlook, smaller shopping centers like Fallbrook Mercantile Center saw a 70.3% surge in net absorption during the third quarter of 2021 to 14.7 msf. Additionally, strip and neighborhood centers have seen the strongest rent growth among retail property types.

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