San Diego-Area Shopping Center Changes Hands
- Jun 11, 2019
Sterling Organization has purchased Poway Crossings, a 109,455-square-foot community shopping center located in the San Diego submarket of Poway. Previous owner Greenstreet Partners received $27 million in the transaction. The acquisition took place on behalf of Sterling Organization’s institutional Value-Add Fund, Sterling Value Add Partners III.
Located at 12648 Poway Road, Poway Crossings is 21 miles northeast of San Diego and is within 3 miles of Interstate 15. The shopping center is anchored by LA Fitness, Dollar Tree and Big 5 Sporting Goods. The asset had an 80 percent occupancy rate at the time of the sale.
According to Brian Kosoy, managing principal, president & CEO of Sterling Organization, Poway Crossings presents multiple value-add possibilities, features strong demographics and solid real estate fundamentals. In April, the company sold Pembroke Place for $37.5 million, a 158,500-square-foot Florida retail property.