SAN DIEGO-Regency Centers Corp. has paid $81 million for the Uptown District Shopping Center here in San Diego, and according to the Mansour Group of Marcus & Millichap, which facilitated the sale, “The sale of Uptown District Shopping Center exemplifies the unwavering demand for trophy assets in major metropolitan markets.”
According to Alvin Mansour, principal, “Although there has been an overall uptick in sales volume for retail properties, the increase in demand for multi-tenant properties has been magnified in the grocery anchored segment.” He adds that “We are confident that Regency Centers will continue the historical success associated with the ownership of a nationally recognized class A asset.”
This 148,638-square-foot mixed-use retail center, located at 940 University Ave. in San Diego's Hillcrest neighborhood, “was one of the pioneer properties of mixed use developments in Southern California,” according to Mansour. “This high profile institutional grade asset is a one-of-a kind dual grocery anchored center located in San Diego's up-market urban in-fill Hillcrest neighborhood. This high-barrier to entry location coupled with a strong lineup of national tenants (including daily needs, lifestyle, and dining categories) provides a retail destination for the 547,000 residents that live within a five-mile radius,” he says.
The center boasts a line-up of top tier national tenants that includes Ralphs, Trader Joe's, Wells Fargo, Panera Bread, Starbucks among others. The shopping center's tenants are on long-term escalating leases that provide stable in-place cash flow with a strong continued growth potential.
GlobeSt.com could not provide further information before deadline, but will update the story as more information becomes available.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
