{"id":1004122740,"date":"2015-07-08T06:17:32","date_gmt":"2015-07-08T14:17:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004122740"},"modified":"2020-04-01T06:23:11","modified_gmt":"2020-04-01T14:23:11","slug":"citivest-angelo-gordon-set-sights-on-san-diego-stores","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/citivest-angelo-gordon-set-sights-on-san-diego-stores\/","title":{"rendered":"Citivest-Angelo, Gordon JV Sets Sights on San Diego Stores"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Pacific<\/a>

Town Center North, San Diego<\/p><\/div>\n

Citivest Commercial Investments<\/a>, L.L.C. and Angelo, Gordon & Co.<\/a>, have partnered to acquire a nine-property retail portfolio in San Diego, Calif., for $183.25 million.<\/p>\n

The joint venture will operate under AGC SD Retail Holdings, L.L.C. Each of the acquired retail spaces is located within the dominant centers in their areas, with historically high consumer traffic. At the time of sale, the more than 520,000 square-foot portfolio\u2019s average occupancy rate was above 92 percent, 78 percent of which are credit, national or regional tenants.<\/p>\n

\u201cThe San Diego retail investment market is active and strong,\u201d Bill Barnett, Colliers International\u2019s senior vice president, told Commercial Property Executive<\/em>. \u201cCitivest with Larry Weese and his group should be commended for pursuing and completing this involved portfolio acquisition.\u201d<\/p>\n

The properties include retail space within Pacific Coast Plaza and Town Center North in Oceanside; Palm Promenade and Stonecrest Plaza in San Diego; East County Square and East County Village in El Cajon; and EastLake Terraces, Eastlake Village Center East and Southbay Marketplace in Chula Vista.<\/p>\n

\u201cAll nine of these retail properties are positioned in strong locations within their submarkets and feature historically high occupancy with either strong anchor tenants or shadow-anchors that drive consumer traffic to the centers,\u201d Larry Weese, Citvest\u2019s president, said in a company statement. \u201cThis portfolio will make a strong investment for our company and for our partner, as we will be able to increase the value of this already well-performing portfolio through our leasing and asset management expertise.\u201d<\/p>\n

According to Weese, the properties will be further stabilized in the coming months, and the partners will also reposition the largest of the acquired properties, Pacific Coast Plaza, through implementing exterior upgrades.<\/p>\n

Located at 2110-2191 Vista Way in the city of Oceanside, Pacific Coast Plaza consists of 312,313 square feet of net rentable space within the center, including current tenants such as Best Buy, Stater Brothers, Bed Bath & Beyond, a Chevron station, Starbucks and Sprint.<\/p>\n

A recent report from Marcus and Millichap noted San Diego County\u2019s retail market is emerging as one of the country\u2019s more robust for landlords, as increasing biotech, business services and tourism employment is leading to gains in consumer spending.<\/p>\n

The report notes that overall development of new space is limited in San Diego, leading to lower vacancy rates and higher rents, with the average asking rent coming in at $22.79 per square foot.<\/p>\n

The new portfolio will be managed by Managing Director of Real Estate Management Services at Voit Real Estate Services Rob Cord.\u00a0Brokerage was handled by Flocke & Avoyer, San Diego.<\/p>\n","protected":false},"excerpt":{"rendered":"

The joint venture is taking advantage of San Diego’s strong retail investment market.<\/p>\n","protected":false},"author":451,"featured_media":1004122742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,15],"tags":[],"class_list":["post-1004122740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-west"],"acf":[],"yoast_head":"\nCitivest-Angelo, Gordon JV Sets Sights on San Diego Stores - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/citivest-angelo-gordon-set-sights-on-san-diego-stores\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Citivest-Angelo, Gordon JV Sets Sights on San Diego Stores\" \/>\n<meta property=\"og:description\" content=\"The joint venture is taking advantage of San Diego's strong retail investment market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/citivest-angelo-gordon-set-sights-on-san-diego-stores\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-08T14:17:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-01T14:23:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/07\/Pacific-Coast-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/citivest-angelo-gordon-set-sights-on-san-diego-stores\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/citivest-angelo-gordon-set-sights-on-san-diego-stores\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Citivest-Angelo, Gordon JV Sets Sights on San Diego Stores\",\"datePublished\":\"2015-07-08T14:17:32+00:00\",\"dateModified\":\"2020-04-01T14:23:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/citivest-angelo-gordon-set-sights-on-san-diego-stores\\\/\"},\"wordCount\":453,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/citivest-angelo-gordon-set-sights-on-san-diego-stores\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/07\\\/Pacific-Coast-Plaza.jpg\",\"articleSection\":[\"Investment\",\"News\",\"Retail\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/citivest-angelo-gordon-set-sights-on-san-diego-stores\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/citivest-angelo-gordon-set-sights-on-san-diego-stores\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/citivest-angelo-gordon-set-sights-on-san-diego-stores\\\/\",\"name\":\"Citivest-Angelo, Gordon JV Sets Sights on San Diego Stores - 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