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5/18/22
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In a significant retail trade out of San Diego’s Kearny Mesa area, a private investor purchased a collection of three core, single-tenant net-leased assets totaling 194.3k sf of space within the Gateway at Kearny Mesa retail destination, for $89.8 mil ($462/sf).
The fully leased assets are home to three national tenants, including a global discount department store, Food 4 Less and Prime Car Wash/Jiffy Lube. The properties were constructed in 2001 and are positioned on 18.81 acres as part of the larger, 30-acre Gateway at Kearny Mesa retail destination, which features dozens of the most popular retailers in the market.
Situated at 7215 Clairemont Mesa Blvd and 4840 and 4995 Shawline St, the properties are adjacent to Interstate 805 and visible to more than 196,400 vehicles per day. Kearny Mesa is on the brink of a transformation that is reimaging the area as a modern, urban village. The affluent area also houses more than 292,000 residents earning an average annual income of $104,000 within a three-mile radius.
Gleb Lvovich, Geoff Tranchina, Darcy Miramontes, Kip Malo and Bob Prendergast with JLL Retail Capital Markets represented the seller, Clarion Partners, LLC and HP Investors. Trachina noted that long-term investors recognized the unique underlying zoning of the net-lease retail collection and the inherent land value that was being encumbered by the existing leases.
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