Nancy Ridge Technology Center II LP has acquired the neighborhood retail center, known as the Plaza de Cuyamaca. Encompassing 84,046 sf, the property is occupied by tenants including Henry's Marketplace, Rite Aid, Petco and Wells Fargo. It stands at 9711-9771 Mission Gorge Rd.

Richard Lebert of Colliers International acted on behalf of Nancy Ridge Technology Center. The seller, Southwest Properties Ltd, was represented by Jack Naliboff of Stepstone Real Estate.

The deal is the latest in a string of retail transactions to close countywide, as the region has kicked off the New Year in high gear. And San Diego County's retail market is expected to heat up even further as 2003 progresses. "The expanding local economy will set the stage for a solid year and provide beneficial conditions for the local retail market during 2003," says a recent report by Marcus & Millichap Real Estate Investment Brokerage Co.

According to Marcus & Millichap's research, the current vacancy rate of 4.9% is expected to stay on track, while rents are supposed to increase to $1.74 per sf (more than 3.5% from year-end 2001). In addition, "consumer spending levels are forecast to remain strong over the next 12 months," which will lend even greater solidity to the region's retail market.