Voit Real Estate Sells Miramar Assets for $24M
- Nov 23, 2016
San Diego—Voit Real Estate Services has completed the $23.6 million sale of a retail center and an adjacent office building in the Miramar submarket of San Diego. Miramar Landing is a 131,360-square-foot retail entertainment center at 8990 and 8998 Miramar Road, and the Clayton Building is a 39,170-square-foot, three-story atrium office building located at 8996 Miramar Road.
Brandon Keith, Randy LaChance and Ryan Bracker of Voit’s San Diego office represented the buyer, 8990 Miramar Landing LP, as well as the seller, Miramar Commercial Center Ltd.
“This opportunity was unique in the market. It is rare for two institutional quality assets to become available on one of the most heavily trafficked thoroughfares in San Diego,” said Brandon Keith, senior vice president, in prepared remarks.
Built in 1985, Miramar Landing is 100 percent occupied and consists of 13 tenants including Nickel City Fun Center, Scandinavian Designs, At Ease Games, Royal India, Seaside Buffet and more. In addition to the office space, the Clayton Building houses a ground-floor retail component that is adjacent to the shopping center. The space is 50 percent occupied by Sleep Train Mattress Center. Both Keith and Bracker will manage the leasing of the vacant retail and office space.
“At the time, the owner worked to diversify the tenant base with the addition of restaurants, fitness studios, and entertainment options. This strategy was well-timed to coincide with today’s retail trend of integrating experiential offerings in order to internet-proof centers,” Keith added. “Since then, the center has been successful in driving foot traffic and generating strong net operating income, making this a solid investment for the buyer.”
Miramar Commercial Center and its partner HCA Inc. have owned the properties for 27 years. The project is situated on 10 acres and has 407 feet of freeway frontage.
Image courtesy of Voit Real Estate Services