San Diego Shopping Center Trades for $15M
- May 12, 2017
Capital Asset Management has acquired Rosecrans Shopping Center, a 43,108-square-foot shopping center in San Diego, from a private investor. Marcus & Millichap brokered the $15 million sale and procured the Carlsbad-based buyer, who plans to reposition the center to appeal to healthy lifestyle and fitness tenants.
Located at 3555 Rosecrans St., on nearly 2.3 acres, the center is five minutes from the intersection of interstates 5 and 8, in an area with a daily traffic count of more than 90,000 vehicles. The asset is less than five miles from San Diego International Airport and less than one mile from Valley View Casino center. National retailers like Home Depot, Target and In-N-Out are also nearby. Built in 1987, the property was recently renovated, including new monument signage, parking lot resurface, and upgraded painting, wood facade and cell towers. Tenants include Rubio’s, CorePower Yoga, UPS, Allstate Insurance and Verizon.
“The new owners can unlock significant value by bringing rents up to the market rate and through strategic leasing and management modifications,” said Nick Totah, senior associate with Marcus & Millichap, in a prepared statement. San Diego is among the strongest retail markets, with average vacancy below 4 percent, according to Marcus & Millichap.
In another recent California shopping center deal, Faris Lee Investments arranged the $25 million sale of Gateway Center, an 89,625-square-foot property in Escondido.
Image courtesy of Marcus & Millichap