SAN DIEGO-Retail Opportunity Investments Corp. has purchased Hawthorne Crossings; a 141,288-square-foot grocery anchored community shopping center at 4200-4380 Kearny Mesa Rd. & 8055 Armour St. here for $41.5 million or $297.72 per square foot. American Fund US Investments LP was the seller.
Cushman & Wakefield capital markets group, led by Pete Bethea and Glenn Rudy together with John Jennings, represented the seller and procured the buyer. C&W says that the entire marketing and sale process in less than two and a half months.
Rudy pointed out that “The sale of Hawthorne Crossings further demonstrates the market's flight to quality to infill core submarkets in Southern California.” He explains that “The property's high quality design, diverse tenant mix and position within the trade area drew significant attention producing multiple offers from an extremely qualified buyer pool.”
Rudy continues that “this transaction affirms the overwhelming demand for core, grocery-anchored shopping centers and the pace by which buyers are willing to work to secure like kind opportunities.”
Hawthorne Crossings features a lineup of national and regional retailers including Ross Dress for Less, Staples, Mitsuwa Marketplace, Dollar Tree, Sleep Train and Starbucks Coffee. Hawthorne Crossings is the premier retail center in the community of Kearny Mesa. Built in 1993, the center has been operated by institutional ownership for the past 10 years. Numerous investments such as implementation and construction of a new monument sign program and new landscaping theme are just two examples of the many capital improvements made in recent years.
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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.
