Crow Holdings has completed the $47.8 million sale of a 60,000-square-foot, multi-building portion of The Shops at Eastlake Terraces, a retail and community center located at 1320-1480 Eastlake Parkway, in Chula Vista, Calif. Newmark represented Crow Holdings in the deal with the buyer, Gershman Properties.
Built in 2004, The Shops at Eastlake Terraces is home to 360,000 square feet of retail space, comprised of both in-line and free-standing buildings, the largest being a Walmart Supercenter and a Home Depot, according to CommercialEdge data. Other tenants include Walgreens, Chase Bank and Starbucks.
The sale marks Crow Holdings’ second western U.S. transaction this year, following their development of FRED310, a 4 million-square-foot industrial facility in Frederickson, Wash. Crow Holdings has also funded the construction of the second phase of the Phoenix Industrial Park in Phoenix, site of a two-building, 630,000-square-foot distribution center.
San Diego’s increasing demand
The suburb of Eastlake is the largest retail submarket in southern San Diego County, home to 2 million square feet of retail space with a 95 percent occupancy rate. The center is located within a mile of the planned Millenia development, also in Chula Vista, which will host 2,900 homes and 3.5 million more square feet of commercial space.
Newmark Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy oversaw the transaction, negotiating on behalf of the seller. Ippolito said in a prepared statement that San Diego County is seeing residential and population growth coupled with tenant demand and limited supply, and added that the trend is expected to continue for the foreseeable future.