Suburban San Diego Shopping Center Trades
The property benefits from its location near a grocery-anchored retail center.
US Property Trust has acquired Encinitas Village Square, a 25,370-square-foot retail center in Encinitas, Calif., for nearly $26 million. The seller was The Festival Companies.
The property sits on about two and a half acres in a suburb of San Diego. Encinitas Village Square is almost completely leased to a mix of national and regional tenants, including California Pizza Kitchen, The Habit Burger Grill, Luna Grill and Peet’s Coffee.
Originally built in 1975, the center was renovated in 2016. The property is adjacent to Encinitas Village Town Center, a grocery-anchored retail center that counts Trader Joe’s, Ralphs and CVS on its tenant roster.
READ ALSO: Inflation-Fueled Price Hikes Don’t Deter Retail Foot Traffic
US Property Trust specializes in purchasing unanchored or shadow-anchored retail centers. The company owns properties in California, Texas, Colorado and other states in the South and Midwest.
The site is located at 1450–1476 Encinitas Boulevard, about 26 miles north of downtown San Diego.
Newmark Pacific Vice Chairman Pete Bethea and Senior Managing Directors Glenn Rudy and Rob Ippolito represented the seller in the transaction.
Other San Diego retail activity
Retail industry trends as a whole are being shaped by demand for strong locations. Limited new supply and relatively low overall availability translate to net absorption, further supported by grocers, discount retailers and various service-oriented tenants seeking to maintain their physical footprints.
San Diego has seen several notable retail deals in recent months. In May, a joint venture between Bain Capital and 11North Partners acquired The Beacon in Carlsbad, Calif., another suburb of San Diego. The transaction came as part of a portfolio sale of five open-air grocery-anchored retail centers totaling about 757,000 square feet in various states.
And late last year, Milan Capital Management purchased Pavilion Shopping Center, a 137,742-square-foot open-air retail center in Vista, Calif. for $30.5 million. Brixton Capital sold the asset.
You must be logged in to post a comment.