Search
 

Mesa Shopping Center Takes $27M

MIRA MESA, CA-The 140,438-sf retail property changes hands after a three-year hold by GMS Realty LLC. The shopping center counts Seafood City Supermarket, Rite Aid and Hollywood Video among its tenants.

By Daniel D. Williams | Updated on April 25, 2005

For more retail coverage, click GlobeSt.com/RETAIL.

MIRA MESA, CA-The demand for well-located retail centers for investment continues in San Diego County as evidenced by the latest deal, the sale of Mesa Shopping Center for $27.3 million. The 140,438-sf retail property changes hands after a three-year hold by Carlsbad-based GMS Realty LLC, who sold the property to Mesa Town Center LLC. Located at 8915-9035 Mira Mesa Blvd., the center’s tenants include Seafood City Supermarket (32,745 sf); Rite Aid (21,440 sf); Hollywood Video (6,500 sf); and Furniture Depot (7,764 sf). Eateries at the retail center include McDonald’s, Baja Fresh and Quizno’s. The property counts 636 parking spaces and was 100% occupied at the time of sale.”This is another example of the still very strong local interest in San Diego County retail properties,” says Pete Bethea, a senior vice president and principal with Burnham Real Estate Burnham Real Estate Oncor International’s Retail Advisors Group. Bethea adds that overall low vacancy, construction based on demand, and “the growing San Diego economy are all contributing to the solid fundamentals of the San Diego retail market.”Bethea represented both the buyer and the seller in the deal. Jesse Lowe of Burnham’s Capital Market Group arranged a $21.84-million loan for the center’s purchase by Mesa Town Center LLC, through a Wall Street lender. Burnham’s John Jennings and Aaron Hill will handle leasing efforts for the property, as current tenants’ leases come due.The privately held GMS Realty LLC has acquired, managed and leased more than 6.5 million sf of retail shopping centers and is currently in the entitlement phase for more than one million sf of development properties. The company acquired Mesa Shopping Center from Spa Holdings LLC in September 2002 for $17 million. The property underwent a renovation in 1992.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.