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Pavilion Shopping Center Nets $29M

SAN DIEGO-K.K. Grewal Investments LP acquires the three-building, 137,000-sf shopping center in north San Diego County. K.K. Grewal Investments acquires the property from Hirani Investments LLC.

By Amanda Paxson | Updated on June 20, 2005

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SAN DIEGO-The 136,756-sf Pavilion Shopping Center has been acquired by K.K. Grewal Investments LP for $28.5 million. The sale was arranged by REZA Investment Group, who represented both the buyer and the seller, Hirani Investments LLC. According to brokers who worked on the deal, the property received multiple offers.The Pavilion is comprised of three buildings and 26 tenants spanning over 11 acres. Located on Hacienda Drive in Vista, the shopping center was built in 1990 and is approximately 96% occupied. Bally’s Total Fitness serves as the anchor for Pavilion and other tenants include David’s Bridal and Dunn-Edwards Paints. According to Terry Bortnick, president of REZA investment group, the shopping center’s desirable location played a factor in the deal. “The area has grown in prominence and traffic over the years and has excellent freeways exposure and access,” he tells Globest.com.The Pavilion serves as a major retail center for the communities of Vista, Oceanside and San Marcos. The property is located parallel to Highway 78 where approximately 130,000 vehicles pass daily, according to Bortnick.The sale is a testament to the explosive retail market in San Diego County, which was recently ranked as one of the nation’s top retail performers by Marcus and Millichap, with retail vacancy rates on a steady decline. REZA Investment Group currently has $1 billion worth of inventory in sales or in escrow, according to Bortnick, with continuing interest San Diego. Though the trend has ceased slightly, “San Diego remains high on investor’s wish lists,” Bortnick says. “We are currently involved in over $100 million of deals in the San Diego market,” says Reza Etedali, CEO of REZA Investment Group. “It is a very strong market and we are working on a lot of deals there right now.”

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