Oceanside Retail Center Under New Ownership
- Sep 05, 2016
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.
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