Weingarten Adds El Camino Promenade to SoCal Holdings

ENCINITAS, CA-Houston, TX-based Weingarten Realty Investors has added another retail asset to its Southern California holdings, having recently picked up El Camino Promenade for $24.5 million. The property is located at 204-252 N. El Camino Real in Encinitas. Weingarten has acquired the community shopping center from ACF El Camino 02 LLC, which purchased the asset in June 2002 for $16.9 million. Back when ACF acquired the property, anchor tenant AMC Theatres was undecided as to whether or not it would renew its lease here, according to Phil Lyons and Bruce Schiff of Grubb & Ellis/BRE Commercial. Both brokers acted on behalf of ACF when it bought the property in 2002 and also represented the LLC in the recent sale of the asset. ACF took the risk of buying the property and it paid off, the brokers tell GlobeSt.com. As they explain it, a lot of people weren’t willing to take that risk, but ACF knew the trade area very well and was certain that AMC Theatres was not going to vacate El Camino Promenade anytime in the “near future.” It turns out that ACF’s prediction was correct, as AMC Theatres eventually renewed for another three years. AMC Theatres is one of several anchor tenants located in the 110,458-sf El Camino Real project, which is currently 100% leased. Additional anchors include TJ Maxx, Burger King, and Beverages and More, which are all long-term tenants here. AMC Theatres will be relocating to a new project next year. In the recent sale, Weingarten was represented by Chuck Klein and Kevin Held of Grubb & Ellis/BRE Commercial. The acquisition marks Weingarten’s latest purchase in San Diego County, as the firm continues to expand its presence throughout Southern California. According to its website, the company has invested more than $1.5 billion dollars in the past five years to grow its portfolio. The firm is focused on the Southwest, Midwest and Southeast, but company officials say they will also consider acquisitions in other parts of the continental United States.