{"id":1004331896,"date":"2019-06-20T03:03:29","date_gmt":"2019-06-20T11:03:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004331896"},"modified":"2019-06-21T01:16:21","modified_gmt":"2019-06-21T09:16:21","slug":"san-diego-area-retail-center-commands-27m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-diego-area-retail-center-commands-27m\/","title":{"rendered":"San Diego-Area Retail Center Commands $27M"},"content":{"rendered":"
\"\"<\/a>

Poway Crossings. Image courtesy of HFF<\/em><\/p><\/div>\n

Sterling Org. acquired Poway Crossings, a 109,455-square-foot community shopping center in the San Diego suburb of Poway, Calif., from Greenstreet Partners, for $27 million. HFF facilitated the deal on behalf of the seller.<\/p>\n

\u201cThe appeal of the property was the buyer saw an opportunity to add value and lease up the vacant anchor,\u201d<\/em> Gleb Lvovich, HFF\u2019s managing director, told Commercial Property Executive<\/em>. \u201cIn this marketplace, there is intense demand for value-add retail.\u201d<\/em><\/p>\n

The LA-Fitness-anchored center was purchased on behalf of Sterling Org.\u2019s most recent institutional value-add fund, Sterling Value Add Partners III LP. \u201cThere were multiple offers from both private and institutional investors,\u201d <\/em>Lvovich said. \u201cThere was strong interest because of the potential for upside.\u201d<\/em><\/p>\n

\n

READ ALSO<\/strong>: CBRE Facilitates Sale of CA Shopping Center<\/a><\/p>\n

\n

The deal marks the company\u2019s eighth purchase in the state in the past four years, and its fifth investment on behalf of the $497 million SVAP III fund.<\/p>\n

A strong location<\/strong><\/h2>\n

Greenstreet Partners acquired the property in 2007. Originally built in 1979, the shopping center was renovated several times through the years, most recently in 2015.<\/p>\n

\u201cSan Diego is a target market for a lot of investors and the fundamentals in Poway are strong, with good incomes and a decent employment base,\u201d<\/em> Lvovich said.<\/p>\n

Located at 12622-12654 Poway Road, and situated on 10.1 acres, the property was 80 percent occupied at the time of the deal and includes a tenant roster of Dollar Tree, Massage Envy, Sola Salon Studios, Banfield Pet Hospital, KFC and Big 5 Sporting Goods. The area where Poway Crossings is located sees approximately 32,000 vehicles per day via Poway Road and Silver Lake Drive, and is home to about 90,000 residents.<\/p>\n

Joining Lvovich on the deal was HFF\u2019s Director Daniel Tyner. In May, HFF also facilitated the sale of a 92,477-square-foot office property<\/a> located in the Sorrento Mesa submarket of San Diego. <\/p>\n","protected":false},"excerpt":{"rendered":"

After 12 years of ownership, Greenstreet Partners sold Poway Crossings, a 109,455-square-foot community shopping center in Poway, Calif. HFF facilitated the deal on behalf of the seller.<\/p>\n","protected":false},"author":451,"featured_media":1004331923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21749,1608,15],"tags":[35107,32792,36215],"class_list":["post-1004331896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-retail","category-san-diego","category-west","tag-dollar-tree-inc","tag-hff","tag-sterling-organization"],"acf":[],"yoast_head":"\nSan Diego-Area Retail Center Commands $27M - 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\/san-diego-area-retail-center-commands-27m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Diego-Area Retail Center Commands $27M\" \/>\n<meta property=\"og:description\" content=\"After 12 years of ownership, Greenstreet Partners sold Poway Crossings, a 109,455-square-foot community shopping center in Poway, Calif. 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