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Creekside Center Sells for $37M

POWAY, CA-Creekside Center, a 127,000-sf shopping center, sells for $37 million to American Realty Advisors. The plaza, which is 100% leased, will eventually undergo retenanting.

By Amanda Paxson | Updated on March 16, 2006

POWAY, CA-Glendale-based American Realty Advisors acquired the Creekside Center for $37 million. The 127,285-sf retail property is anchored by Stater Brothers grocery store.San Francisco-based Braemer Properties sold the center, which is located at 13573 Poway Rd. Built in 1993, Creekside Center was 100% leased at the time of sale and includes tenants such as Starbucks, Radio Shack, FedEx, Kinko’s, Baskin Robbins, Daphne’s Greek, Jiffy Lube and the UPS Store.Chris Jackson, vice president of investment for Grubb and Ellis, tells Globest.com that the retail property will undergo some retenanting in the coming months as leases come to an end. There are currently no plans for any refurbishments to be made to the property.Jackson tells Globest.com that Poway’s market is on the steady incline on all fronts. “The investments market is strong and the leasing market is strong. Overall, this was an excellent deal made in an excellent market.”Late last year American Realty purchased the Safari Business Center, a 1.4 million-sf multi-tenant property in Ontario. Spanning 52 acres, the industrial property is the largest in the Inland Empire. Jackson and Todd Lorber, both from Grubb & Ellis’ North Los Angeles office, represented the buyer in the transaction. Jack Naliboff and Craig Carlson of StepStone Real Estate represented the seller.

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