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JV Picks Up 127,000-SF Retail Center

SAN DIEGO-A joint venture between Bala Cynwyd, PA-based Stoltz Real Estate Fund II LP and El Segundo-based Pacific Coast Capital Partners LLC buys San Carlos Village for an undisclosed amount. The property includes a 46,000-sf space formerly occupied by Ralphs that will be repositioned.

By Daniel D. Williams | Updated on June 29, 2006

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

SAN DIEGO-A joint venture between Bala Cynwyd, PA-based Stoltz Real Estate Fund II LP and El Segundo-based Pacific Coast Capital Partners LLC recently closed on their second San Diego area deal with the acquisition of San Carlos Village. San Francisco-based M&H Realty sold the 127,634-sf property for an undisclosed amount. The retail center is 100% occupied, but includes a 46,000-sf space formerly occupied by Ralphs that will be repositioned.

Currently, Crown Books holds the space in a month-to-month sublease, according to Jennifer Diaz, vice president of acquisitions for PCCP. The Ralphs lease runs to 2008 Diaz tells GlobeSt.com, and the plans are to reposition the property at that time with either a big box tenant or subdividing it to add value. Ralphs vacated the space in 2004.

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