SAN DIEGO—A Santa-Barbara-based private investor, working in a 1031 exchange has acquired Scripps Ranch Marketplace Phase II, a 28,700-square-foot shopping center here.
CBRE Executive Vice Presidents Philip Voorhees and Todd Goodman say their National Retail Investment Group – West (NRIG-West) team, together with Mike Moser of Retail Insite, completed the deal.
The property is shadow-anchored by a Vons and CVS/pharmacy (both were not part of the sale), along with Chase, Verizon, Which Wich and a synergistic lineup of local retail businesses. The sale price was $20.45 million, representing a 5.0% cap rate.
CBRE's retail investment experts Voorhees, Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Brad Rable, Matt Burson, Jimmy Slusher and John Read, along with Moser, represented the seller, a San Diego-based private asset management and investment company.
According to Voorhees, the CBRE team's marketing system distributed more than 318 offering memoranda to investors and brokers, and through the team's "managed bid" offer process, generated multiple offers to purchase the property.
“The strong competition to acquire Scripps Ranch Marketplace demonstrates the continued investor preference to own the best performing, highest quality grocery-anchored neighborhood shopping centers throughout Southern California, even though the grocer and pharmacy were not a part of the sale,” said Voorhees.
“Scripps Ranch Marketplace Phase II is an excellent project with an impressive top-tier tenant roster, ideally situated within an affluent master-planned community,” Moser added.
Built in 2000, the property consists of four parcels on a 6.9-acre site along the Scripps Poway Parkway, which is one of the trade area's primary arterials and provides immediate access to the I-15. The center was 100% occupied at the time of the sale.
With this closing, CBRE's NRIG-West team has closed 143 transactions since the start of 2012 for a total consideration of $2.7 billion. In total, the NRIG-West team has listed and sold more than $8.6 billion in retail transactions.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
