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Retail Investment Remains Hot With Closing of $32M in Deals

SAN DIEGO-Two more retail deals close as investors take advantage of the hot market. In the separate deals, a 49,452-sf multi-tenant center and a 96,114-sf portion of Terra Nova Plaza change hands.

By Daniel D. Williams | Updated on September 26, 2005

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

SAN DIEGO-The local retail investment market remains hot as evidenced by two recent deals totaling nearly $32 million. Friars Village Shopping Center and a portion of Terra Nova Plaza were the two retail properties changing hands.In the Friars Village deal, Friars LLC paid $13.6 million for the multi-tenant retail center. Friars Village 02 LLC and Scottsdale Crossing LLC were the sellers of the property, located at 10406 Friars Rd., at the Mission Gorge Road intersection, near Qualcomm Stadium.The 49,452-sf property was 100% leased at the time of sale and counts tenants such as Petco, Pizza Hut, Rubio’s Baja Grill, Starbucks Coffee, Jamba Juice, San Diego Brewing Company and Einstein Bagels. Under the terms of the agreement, Stepstone Real Estate Services will manage the property.Reg Kobzi and Joel Wilson of the CB Richard Ellis Private Client Group’s San Diego office represented both the buyer and the seller. Kobzi brokered a deal in 2002, in which the same property sold for $9.9 million. In the new deal, Friars LLC, with Robert Lichter, president of Lichter Venture Group, assumed a General Electric Capital Corp. loan for $8 million.In the second deal, Rancho SP LLC sold a 96,114-sf portion of Terra Nova Plaza for $18.1 million. VLD Sweetwater LP, with R&V Management Corp. serving as managing agent, acquired the property.”The strong sales at the plaza and the fact that it is located in one of the fastest growing sections of San Diego County were instrumental in the buying decision,” says Eric Tompkins of CB Richard Ellis. Tompkins represented the buyer in this transaction, while the seller was represented in-house.The two tenants in the portion that sold are Sports Authority and Bed, Bath & Beyond. Vons, Marshall’s and Longs anchor the remaining 315,000 sf of Terra Nova Plaza.

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