CBRE Brokers Sale of San Diego-Area Retail Center
The firm represented both the seller and the buyer in the transaction.
San Marcos Village. Image courtesy of CBRE
CBRE has arranged the sale of San Marcos Village, an approximately 96,600-square-foot retail center in San Marcos, Calif., for $19.3 million. Retail experts Philip Voorhees, Reg Kobzi, Preston Fetrow and Eric Shain represented the seller, a San Diego-based joint venture, and the buyer, SENTRE.
CBRE’s Debt & Structured Finance team also worked on behalf of the buyer to secure an $11.6 million, seven-year fixed-rate loan for the acquisition of the facility.
Located at 109-195 Rancho Santa Fe Road, the asset sits on roughly 8 acres, just off Freeway 78, near residential areas. There are more than 9,700 rental units within a 3-mile radius, according to Yardi Matrix data. The seller acquired the retail center in 1974 and renovated the property in 2008. Since the revamping, the center is leased to tenants such as 99 Cent Only Store, Grocery Outlet and AutoZone. At the time of the sale, the property was 92 percent occupied.
In September, CBRE’s team also brokered the sale of a 15,038-square-foot retail convenience center located in San Diego.
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