The McGrath family has owned the land on which the McGrath Retail Portfolio is situated since the late 1940s. In 1990, McGrath broke ground on the development of the McGrath Center, a 50 acre mixed-use project originally approved to include 1,500,000 square feet of office, retail and R & D uses. The plan was later revised to include mostly retail uses and a 100,000 square foot industrial “flex” building.

“My senior management team has been with me from day one,” McGrath explains. “After launching McGrath Development Inc. in 1988, we worked together to visualize the project and bring it to fruition. My father, C.W. McGrath, who is best known for founding one of the largest general engineering contracting firms in the county, completed the grading and infrastructure work for the development, while my team handled the design, construction and marketing of the project.”

Laurie continues to spearhead the family's development and asset management company, which has continued to manage the properties with great care since the project was developed.

Randy LaChance, and Mark Caston, both of Voit Real Estate Services, represented the seller, McGrath.

“There is a tremendous pride of ownership that is evident in this portfolio,” said LaChance. “I've had the opportunity to work with the McGrath family for 25 years, and I've seen the fine quality and attention to detail that they put into their assets.

“For prospective buyers, this was a once-in-a-lifetime opportunity to acquire a large retail portfolio in central San Diego. We garnered tremendous interest and activity throughout the sale process, and ultimately identified a buyer that the McGrath family felt would continue the legacy of this special project.”

The Clarion /HP team represented themselves in the transaction.

“We immediately recognized the rare opportunity that this portfolio presented in this market,” said Sumeet Parekh, a managing partner with HP Investors.

Dean Rostovsky, director with Clarion Partners added, “Retail assets containing this portfolio's combination of high quality location, tenancy, and scale are quite difficult to acquire, particularly in dynamic metropolitan regions such as San Diego. We are pleased to expand our Western U.S. holdings with this purchase and are confident of continued high occupancy and long-term value growth for these retail properties.”

The portfolio was 100% leased at the time of the acquisition.

The McGrath Retail Portfolio is located along Clairemont Mesa Boulevard and Shawline Drive, just off of Interstate 805.

Clarion Partners, headquartered in New York City is an SEC registered investment adviser and FINRA member firm, has been a leading U.S. real estate investment manager for 33 years. HP Investors, LLC is focused on the investment and development of commercial real estate assets in urban / infill locations on the West Coast.