Plaza Rancho Del Oro, a 65,054-square-foot center in Oceanside, has been sold for $34.3 million, a brokerage has announced.
The center, at 4120-4196 Oceanside Blvd., is 92% leased to 29 tenants, including Albertsons, Planet Fitness, Starbucks, Wells Fargo and Carl’s Jr., among a mix of regional and local retailers, service providers and restaurants.
The transaction, involving a high-net-worth individual from Los Angeles and a Phoenix firm, works out to $527 per square foot.
Jimmy Slusher, James Tyrrell and Megan Lanni of CBRE’s National Retail Partners-West, represented the seller, A&C Properties, a private investment firm focused on grocery-anchored shopping centers in the Southwest. CBRE’s San Diego-based leasing experts Reg Kobzi, Michael Peterson and Joel Wilson assisted.
Slusher cited Plaza Rancho Del Oro’s national anchor stores, below-market rents, attractive existing loan, diverse tenant mix and central location as draws for the property.
“This combination is particularly attractive to investors, as evidenced by the competitive bidding for Plaza Rancho Del Oro, with nearly 10 bids received. Across the market, there’s continued strong investor demand for high-performing grocery-anchored centers offering stability and the potential for future rent increases,” he said.
CBRE’s retail team has completed sales of two other grocery-anchored shopping centers within the last two months, including another Oceanside property, Marketplace Del Rio, for $56.6 million, and Santa Ana Centre in Santa Ana for $46.5 million.