Plaza Rancho Del Oro in Oceanside has been sold for $34.3 million, the second such transaction of a major shopping center in the city this summer.
The transaction was announced by CBRE on Sept. 3.
Like the recent sale of Marketplace Del Rio shopping center, Plaza Rancho Del Oro was sold to a Los Angeles-based high-net-worth individual. The person’s name was not disclosed in CBRE’s announcement.
A high-net-worth individual is defined as a person who has financial assets valued over $1 million, according to financial websites such as Bankrate and The Motley Fool.
The firm’s National Retail Partners-West team of Jimmy Slusher, James Tyrrell and Megan Lanni represented the seller, Phoenix-based private investment firm A&C Properties. CBRE San Diego representatives Reg Kobzi, Michael Peterson and Joel Wilson assisted in the transaction.
Slusher, who is senior vice president of CBRE’s National Retail Partners-West division, said Plaza Rancho Del Oro’s below-market rents, diverse mix of tenants, central Oceanside location and an attractive existing loan brought in several bids.
The center, located at 4120 Oceanside Blvd., is anchored by an Albertsons supermarket and is 92% leased to tenants such as Starbucks, My Salon Suites, Upper Crust Pizza, Wells Fargo and Carl’s Jr., according to CBRE’s news release.
“This combination is particularly attractive to investors, as evidenced by the competitive bidding for Plaza Rancho Del Oro, with nearly 10 bids received,” Slusher said in CBRE’s news release. “Across the market, there’s continued strong investor demand for high-performing grocery-anchored centers offering stability and the potential for future rent increases.”
Similar reasons were cited by real estate firm Cushman & Wakefield in the attractiveness of Marketplace Del Rio when it was sold in July. The center has a recently remodeled Stater Bros. grocery store as a main tenant.
“This was a great opportunity to purchase a high image shopping center that is supported by a strong, well-performing grocery tenant,” Cushman & Wakefield’s Phil Lyons said at the time.
Cushman & Wakefield represented the buyer in the Marketplace Del Rio transaction. CBRE’s National Retail Partners-West team also facilitated the sale of that center, which went for $56.6 million.