JH Real Estate Partners Buys San Carlos Shopping Center for $35 Million
- Mar 10, 2014
In a $35 million deal, JH Real Estate Partners has acquired the San Carlos Shopping Center, a 125,700-square-foot retail center in the Lake Murray area. The seller, an unidentified East Coast investor, had owned the asset since 2006.
Located on the Navajo Road exit of the 125 Freeway, the property has a eclectic tenant roster that includes such national brands as Walgreens, LA Fitness, Chase Bank and Starbucks.
According to rentv.com, the facility currently operates at an occupancy rate of around 81 percent. Around 25,000 square feet are currently available for lease, which could accommodate two new junior anchors. The new owner will look to bring some improvements to the property, in order to reposition the shopping center and boost its revenue.
In recent years, an already well performing retail market has tightened further, considerably outperforming the national average since the end of 2013. According to Marcus & Millichap Real Estate Investment Services shows that at the end of 2013, the San Diego Metro area had a projected average vacancy rate of around 4.6 percent, compared to the 7.1 nationwide average rate.
Chart courtesy of Marcus & Millichap Real Estate Investment Services Inc. at marcusmillichap.com