The buyer, Pacific Carmel Mountain Holdings LP, has purchased the shopping complex from a joint venture comprised of New York-based Community DRA Advisors LLC, acting on behalf of a group of institutional investors and Diversified Realty of Cleveland, OH. The JV had owned the property for eight years, ever since acquiring it in 1995 as part of a retail portfolio sold by the mall's original owner, Homart Communities Centers.
Completed in 1993, the shopping complex stands at 11610-12174 Carmel Mountain Rd. in San Diego's Carmel Mountain Ranch community. Encompassing 532,418 sf, it has operated at full capacity since its first day of business. Anchor tenants here include Pacific Theatres, Sportmart, Marshall's, Circuit City, Barnes & Noble and Pier 1 Imports.
The new owner views Carmel Mountain Plaza as a "strategic, core asset," says American Assets' CEO John Chamber. "It is a property that is not easy to compete with or replace," he explains.
American Assets, which will manage the property, was represented in-house. Secured Capital and Burnham Real Estate Services acted on behalf of the seller. Wells Fargo Bank handled the financing for the 45-day transaction, while Flocke & Avoyer assisted in the analysis of the acquisition. Flocke & Avoyer will also be responsible for all future leasing.
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