Retail Opportunity Investments Buys Poway Center for $40M
- Mar 21, 2014
By Alex Girda, Associate Editor
Creekside Plaza, a 128,852-square-foot retail center in Poway, has been acquired by San Diego-based Retail Opportunity Investments Corp. in a $43.9 million deal. The transaction was arranged by a team of HFF representatives, who worked on behalf of seller Azure Creekside Corp., a Glendale, Calif.-based company. Azure is a client of American Realty Advisors, which handled the sale of the asset.
The property is a star performer in the area in terms of its good occupancy and solid tenant roster in an active submarket . According to rentv.com, the retail center consists of six buildings located at 13409-13595 Poway Road. It was built in 1993 and was most recently renovated in 2005. At the time of the transaction, the property was fully leased.
Creekside Plaza is anchored by a Stater Bros. grocery store and a Digiplex cinema. Tenants include Chipotle, FedEx Office, Jiffy Lube, Starbucks and Baskin-Robbins. John Jennings of Cushman & Wakefield Inc. serves as leasing representative.
Retail Opportunity Investments specializes in necessity-based community and neighborhood shopping centers anchored by national supermarket brands and drugstores. At the end of last year, the company’s portfolio totaled 5.8 million square feet at 54 properties.