NGKF Facilitates $51M San Diego Retail Sale
- May 12, 2016
San Diego—NGKF Capital Markets recently finalized the $51 million sale of The Marketplace at Windingwalk, a 104,206-square-foot neighborhood retail center in south San Diego County. The asset, located at 1754-2160 Eastlake Parkway in Chula Vista, Calif., is anchored by a Vons Supermarket and was 96 percent occupied at the time of sale.
An NGKF Capital Markets retail division team including Pete Bethea, Rob Ippolito and Glenn Rudy represented the seller, Aliso Viejo-based Shea Properties, in the transaction. New York City-based Zurich Alternative Asset Management LLC was the buyer of the center completed in 2008. The company is an alternative investment adviser responsible for Zurich North America’s hedge fund, private equity and U.S. real estate investments.
“The Marketplace at Windingwalk represented an excellent opportunity to acquire a best-in-class neighborhood center located in a premier San Diego County neighborhood experiencing explosive growth,” said Bethea in a prepared statement. “This center’s location, architecture, tenant lineup and tenant performance are unique in today’s investment climate and are ideal for today’s core investor.”
“NGKF’s 28-day marketing campaign for this asset produced multiple offers and was a highly competitive bidding process among a number of institutional and private firms from the U.S. and overseas,” added Ippolito.
Situated at the southeast quadrant of Eastlake Parkway and Birch Road, roughly 10 miles south of downtown San Diego, The Marketplace at Windingwalk is home to tenants such as Vons Supermarket, In-N-Out Burger, Wells Fargo and Bank of America, among others.