{"id":1004722183,"date":"2024-07-19T05:39:47","date_gmt":"2024-07-19T13:39:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004722183"},"modified":"2024-07-19T05:41:16","modified_gmt":"2024-07-19T13:41:16","slug":"san-diego-shopping-center-sells-for-57m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/san-diego-shopping-center-sells-for-57m\/","title":{"rendered":"San Diego Shopping Center Sells for $57M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Marketplace-del-Rio-e1721390742665.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004722186\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/san-diego-shopping-center-sells-for-57m\/marketplace-del-rio\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Marketplace-del-Rio-e1721390742665.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Marketplace del Rio\" data-image-description=\"&lt;p&gt;Marketplace del Rio&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Marketplace del Rio&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Marketplace-del-Rio-e1721390742665.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Marketplace-del-Rio-e1721390742665.jpg\" alt=\"Marketplace del Rio\" class=\"wp-image-1004722186\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Marketplace-del-Rio-e1721390742665.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Marketplace-del-Rio-e1721390742665.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Marketplace-del-Rio-e1721390742665.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">A newly renovated Stater Bros. Markets anchors Marketplace del Rio.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>ROIC has sold Marketplace del Rio, a 183,292-square-foot neighborhood shopping center in Oceanside, Calif. 1st Commercial Realty Group purchased the asset for $56.6 million, or $384.24 per square foot, according to CommercialEdge information. Cushman &amp; Wakefield represented the buyer, while CBRE negotiated on behalf of the seller.<\/p>\n\n\n\n<p>Completed in 1980, Marketplace del Rio has recently undergone a <a href=\"https:\/\/www.commercialsearch.com\/news\/how-retail-properties-are-getting-greener\/\">significant renovation <\/a>of its exterior, common areas and interior spaces.<\/p>\n\n\n\n<p>Stater Bros. Markets anchors the shopping center and has recently signed a long-term lease extension and expansion. The newly renovated store celebrated its grand reopening early last year. <\/p>\n\n\n\n<p>The property&#8217;s tenant roster also includes UPS, The Home Factory, Subway, Burger King and Road Ready USA, among others.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/coffee-auto-discount-retailers-in-growth-mode\/\">Coffee, Auto, Discount Retailers in Growth Mode<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Located on 20 acres at 3762-3774 Mission Ave., Marketplace del Rio is near Highway 76, which allows direct access to downtown San Diego. In 2023, there were 104,225 people living within a 3-mile radius of the retail property, with an average household income of $110,319, according to ROIC.<\/p>\n\n\n\n<p>CBRE Senior Vice Presidents Jimmy Slusher and Preston Fetrow, together with Associate James Tyrell, represented ROIC. Cushman &amp; Wakefield Managing Director Phil Lyons and Executive Director Chad Iafrate negotiated on behalf of 1st Commercial Realty Group. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-san-diego-s-retail-scene\">San Diego&#8217;s retail scene<\/h2>\n\n\n\n<p>San Diego&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/holland-knight-attorney-the-retail-market-always-comes-back-differently-but-it-does\/\">retail market <\/a>showed increasing rental rates and vacancies in the second quarter of this year, while construction deliveries were declining, according to a recent Kidder Mathews report. The average asking rents reached $2.41, while vacancy clocked in at 4.2 percent. Meanwhile, the metro had 542,398 square feet of retail space under construction and approximately 29,374 square feet of completions.<\/p>\n\n\n\n<p>Iafrate said in prepared remarks the new residential and commercial projects in the area, such as the 92-acre OceanKamp development and the future expansion of the Rancho Del Oro master plan, also made this property appealing for long-term investment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cushman &#038; Wakefield arranged the deal on behalf of the buyer.<\/p>\n","protected":false},"author":3014,"featured_media":1004722186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,1608,15],"tags":[32789,32799],"class_list":["post-1004722183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-san-diego","category-west","tag-cbre","tag-cushman-wakefield"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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