OCEANSIDE, CA—Shadow anchors in the form of a nearby Albertsons and Walmart Supercenter provide necessity-based daily-needs attraction to Quarry Creek Plaza, a 15,690-square-foot retail center here that has been sold by Quarry Creek Investors for an undisclosed amount to an undisclosed buyer. A variety of Internet-resistant tenants also add to the center's appeal.
HFF's retail-investment advisory team representing the seller included Gleb Lvovich, along with Mike Moser, partner at Retail Insite, who worked on the center leasing and assisted in deal execution. Lvovich tells GlobeSt.com, “Shadow anchors, especially 'daily needs' anchors like grocery stores, help drive traffic to the center and help nearby retail centers due to cross shopping.”
Quarry Creek Plaza is located at 3460 and 3480 Marron Rd. Completed in 2003, the center is directly across from Walmart and close to the Albertsons from which it benefits. It is 92.6% leased to tenants including Jamba Juice, Subway, Los Tacos, Poki Poki, Supercuts, America Dry Clean, Happiness Nails and Smashburger. Additional shadow anchors include PetSmart and Kohl's, which have a regional attraction.
Another positive about the center's location is that it is at the entrance to the Preserve, a master-planned community in Carlsbad with more than 570 homes under construction. More than 119,318 residents earning an average annual household income of more than $93,000 live within a three-mile radius of the center.
Lvovich said in a prepared statement, “The sale of Quarry Creek Plaza represents investors' continued interest in acquiring Internet-resistant retail environments consisting of food and services tenants.”
The seller declined to comment to GlobeSt.com on the identity of the buyer and the sale price. As GlobeSt.com recently reported, discount and daily needs are fast becoming the mantras of the retail market.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
