(For more retail coverage, click GlobeSt.com/RETAIL.)
SAN DIEGO-Essel Properties LLC of San Diego has acquired the 127,000-sf Clairemont Village retail center at 3005 Clairemont Drive for $29 million. Sperry Van Ness represented the seller, Beverly Hills-based Shooshani Developers LLC, while Retail Properties Group represented the buyer.
Gwen MacKenzie, CLS of Sperry Van Ness in Irvine and Brad Umansky of Sperry Van Ness in Ontario represented the seller, who received 45 offers for the property. MacKenzie tells Globest.com that the high number of offers was due in part to the redevelopment potential of the center.
"This product is unique because there is so much that can be done with it," she says. "We were thrilled to have so many buyers come to the table."
A lack of developable land and a vocal community that often opposes new retail construction makes existing retail centers all the more desirable. "It's great to be a landlord in San Diego," MacKenzie tells Globest.com. "It's very difficult to put a shopping center up if you don't already have one."
Located near La Jolla, Clairemont Village was built in 1975 and sits on 12 acres. It is currently 95% leased with Keil's and Rite Aid as anchors. Other tenants include Blockbuster, McDonalds and Carl's Jr.
Although Clairemont Village has excellent redevelopment potential, there are currently no plans to do so, MacKenzie says, due in part the slowing of permitting and redevelopment activity pending the Nov. 8 mayoral election in San Diego. "A lot of people are waiting to see what the political climate is going to be," MacKenzie notes.
Shooshani Developers LLC decided to sell the property to consolidate its assets in the Los Angeles area. The company owns three retail properties in the Los Angeles area and is in the process of acquiring another with the capital earned from the Clairemont Village sale.
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