Oceanside Retail Center Under New Ownership
Located in the Oceanside coastal community of San Diego, the asset features strong occupancy and is shadow-anchored by Lowe's.
By Alex Girda
San Diego—The Old Grove Marketplace retail center in Oceanside, Calif., recently changed hands in a deal worth a total of $23.3 million. Gerrity Group sold the asset to buyer InvenTrust Properties Corp. free and clear of existing debt, in a transaction arranged by HFF. The retail investment sales team that handled the sale was led by HFF representatives Gleb Lvovich, CJ Osbrink, and Bryan Ley.
Old Grove Marketplace, Oceanside, Calif.
Occupying an 8.7-acre plot of land at 101, 125, 165 and 175 Old Grove Road in Oceanside, the retail center offers a total of 81,279 square feet of space. Anchored by a Ralph’s Marketplace, the asset currently operates at 91 percent occupancy. Its tenant roster also includes names such as U.S. Bank, Starbucks, Pick Up Stix, H&R Block, Oceanside Family Dentistry, and AT&T. The area is home to more than 120,000 residents earning an average household income of over $74,000.
The 11-year-old facility is located at the intersection of Highway 76 and Old Grove Road, and is shadow-anchored by Lowe’s. The four-building retail asset generated interest from a wide variety of potential buyers, “demonstrating continued demand for grocery-anchored shopping centers along the western United States,” Gleb Lvovich pointed out in a statement.
Image courtesy of Gerrity Group
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