(For more retail coverage, click GlobeSt.com/RETAIL.)
SAN DIEGO-Retail investment property remains hot in San Diego County as separate deals close before the end of the year. The two deals total $41 million and nearly 120,000 sf.In the first deal, Village Faire Shopping Center, in Carlsbad, brought in $25.9 million. Sima Corp. acquired the property from OREXCV LLC c/o GDA Real Estate Services of Denver.The property counts 90,000 sf on two stories and is located in Downtown Carlsbad at 300 Carlsbad Village Dr. Tenants include Niemans Restaurant, Coyote Bar & Grill, Skinsations' Day Spa, Submarina and Sonoma Valley Market.Phil Lyons, CCIM, and Bruce Schiff, CCIM, of Grubb & Ellis|BRE Commercial represented both the buyer and seller. At the close of the year, Schiff and Lyons top more than $200 million in shopping center deals.In the second deal, Scripps Ranch Marketplace Phase II sold for $15.1 million. Tres Pinos Ltd. picked up the property from S.R. Market Properties.The 28,700-sf site includes three buildings and 11 tenants. Among the major tenants are Washington Mutual Bank, North Island Federal Credit Union, Copy Club and San Sai Restaurant. An earlier phase of the shopping center, which was not included in the sale, includes a Vons Supermarket and a Sav-On Drug Store.Reg Kobzi and Joel Wilson of the CB Richard Ellis Private Client Group's San Diego office along with Peter Orth represented S.R. Market Properties. Eric Tompkins, also with the CB Richard Ellis San Diego office, and Glenn Karp with Coldwell Banker Commercial, represented Tres Pinos Ltd.
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