Scripps Ranch Marketplace Phase II Sells for $20.45 Million, 5.0% Cap Rate
SAN DIEGO, CALIF. – September 30, 2015 – (RealEstateRama) — CBRE Executive Vice Presidents Philip D. Voorhees and Todd Goodman announced today their National Retail Investment Group – West (NRIG-West) team, together with Mike Moser of Retail Insite, completed the sale of Scripps Ranch Marketplace Phase II, a 28,700-square-foot shopping center in San Diego, Calif. The property is shadow anchored by a Vons and CVS/pharmacy (both were not part of the sale), along with Chase, Verizon, Which Wich and a synergistic line-up of local retail favorites. The sale price was $20.45 million, representing a 5.0% cap rate.
CBRE’s retail investment experts Voorhees, Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Brad Rable, Matt Burson, Jimmy Slusher and John Read, along with Moser, represented the seller, SR Marketplace, LP & TRES Pinos LTD, a private investment partnership based in San Diego.The buyer was Villa Ruchello, LLC, a private investor based in Santa Barbara, Calif. in a 1031 exchange.
According to Voorhees, the CBRE team’s marketing system distributed more than 318 offering memoranda to investors and brokers, and through the team’s “managed bid” offer process, generated multiple offers to purchase the property. “The strong competition to acquire Scripps Ranch Marketplace demonstrates the continued investor preference to own the best performing, highest quality grocery-anchored neighborhood shopping centers throughout Southern California, even though the grocer and pharmacy were not a part of the sale,” said Voorhees.
“Scripps Ranch Marketplace Phase II is an excellent project with an impressive top-tier tenant roster, ideally situated within an affluent master-planned community,” Moser added.
Built in 2000, Scripps Ranch Marketplace Phase II consists of four parcels on a 6.9-acre site along the Scripps Poway Parkway, which is one of the trade area’s primary arterials and provides immediate access to the I-15. The center was 100% occupied at the time of the sale.
With this closing, CBRE’s NRIG-West team has closed 143 transactions since the start of 2012 for a total consideration of $2.7 billion. In total, the NRIG-West team has listed and sold more than $8.6 billion in retail transactions. Select NRIG-West Team California listings include Kalmia Plaza, Calif., listed for sale for $7,605,000; Shops at Stonecreek Plaza in Los Banos, Calif., listed for sale for $13,261,000; and Aldi & Shops at Tri City Corporate Centre in San Bernardino, Calif., offered for sale for $5,401,000. More information is available at www.cbre.com/nrigwest
National Retail Investment Group, Newport Beach, CA
The National Retail Investment Group – West (NRIG-West) team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI).
The NRIG-West team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI). Theteam’s ability to collaborate across CBRE’s multi-discipline platform enhances the team’s role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRIG-West team continues to specialize in portfolio, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, Calif., the team consists of specialists with institutional and private client relationships, who leverage their institutional quality knowledge and exceptional service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: listings.nrigwest.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Retail Insite Commercial Real Estate
Retail Insite is part of ChainLinks Retail Advisors, a network of independent commercial real estate offices across the country specializing in tenant representation of restaurants, retailers, banks, and other retail entities. Established in 1979, ChainLinks is the leading retail-only real estate services and commercial property brokerage organization in North America serving America’s premier retailers, landlords, and investors. Tenant representation, surplus property disposition, shopping center leasing, asset and property management, income property sales, and hospitality real estate services are some of the services the member firms provide in approximately 60 major North American markets. See www.retailinsite.net.