San Diego Convenience Center Changes Hands
- Sep 25, 2019
Capstone Advisors has sold Sabre Springs Plaza, a 15,038-square-foot retail convenience center in San Diego. A Los Angeles-based private investor acquired the asset for $6.8 million in a 1031 exchange. CBRE represented both parties in the transaction. Additionally, CBRE’s debt and structured finance team arranged a 10-year fixed hybrid, 3.85 percent, $3.3 million loan for the buyer.
Built in 2004, Sabre Springs Plaza sits on roughly 1.4 acres at 11385-11395 Poway Road, just east of Interstate 15 and 19 miles north of downtown San Diego. At the time of sale, the property was fully leased, with 7-Eleven as anchor tenant, along with 12 other retail, restaurant and service-oriented tenants.
CBRE’s Philip Voorhees, Reg Kobzi, Sean Heitzler and Megan Wood assisted the seller in the deal. Gary Stache and Kevin Foley represented the buyer, while Shaun Moothart and Jennifer Ansari procured the acquisition financing. Voorhees and Kobzi also teamed up in March for the sale of a 195,000-square-foot shopping center in Vista, Calif.