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57.6 F
San Diego
Tuesday, May 28, 2024
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San Marcos Shopping Center Sold for Nearly $19.3M

A San Marcos shopping center has been sold for nearly $19.3 million.

San Marcos Village, 109-195 Rancho Santa Fe Road was acquired by SENTRE, Inc. based in downtown San Diego.

The seller was not disclosed.

At the time of the sale, the center was 92 percent leased. Tenants included Grocery Outlet, 99 Cents Only and Autozone.

Both parties were represented by Philip Voorhees, Reg Kobzi, Preston Fetrow and Eric Shain of CBRE.

An $11.6 million loan was arranged by Scott Peterson, Bill Chiles, Brian Cruz and Morgon Fraser of CBRE.

“The acquisition of San Marcos Village provided a tremendous opportunity for an investor to purchase a stabilized shopping center with exceptional cash flow,” said Voorhees, vice chairman of CBRE.

“The property’s ideal location directly adjacent to State Route 78 with over 1,000 feet of linear frontage along Santa Fe Road, the trade area’s primary arterial, combined with significantly below market in-place rents provides the new ownership with the flexibility to execute future reposition strategies and add significant value over time,” Voorhees said.

Real estate reporter Ray Huard may be reached at rhuard@sdbj.com or 858-277-8904.

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