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LP Bags Carmel Mountain Plaza for $95M

SAN DIEGO-Pacific Carmel Mountain Holdings LP, an affiliate of locally based American Assets Inc., acquires the 532,418-sf property from sellers Diversified Realty and Community DRA Advisors LLC.

By Erin Cassin | Updated on April 01, 2003

SAN DIEGO-An affiliate of locally based American Assets Inc. has bagged the Carmel Mountain Plaza retail property in a transaction valued at $95 million.

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.

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