NRIG-West Arranges Sale of Scripps Ranch Retail Asset
- Sep 30, 2015
CBRE announced that the company’s National Retail Investment Group – West team closed on the sale of Scripps Ranch Marketplace Phase II in San Diego. Led by CBRE Executive Vice Presidents Philip D. Voorhees and Tood Goodman, the NRIG-West team worked with Retail Insite’s Mike Moser to complete the $20.45 million deal.
Located at 10549 Scripps Poway Parkway, the retail center totals 28,700 square feet of space. The property’s current tenant roster includes names such as Chase, Verizon and Which Which, and was fully occupied at the time of the sale. Shadow anchors for Scripps Ranch Marketplace Phase II are a CVS/pharmacy and a Vons. The 15-year-old shopping center occupies a 6.9-acre site that offers access to the nearby I-15.
The asset’s position within the master-planned Scripps Ranch community, and a 1-mile radius area with an average household income of more than $130,000 has translated into high interest from investors. According to Philip D. Voorhees, 318 memoranda were sent out through CBRE’s marketing system, and a large number of offers came in as a result. In the end, a private investor from Santa Barbara picked up the property at a 5 percent cap rate, in a 1031 Exchange.
The 15-year-old property traded in conditions that indicate “the continued investor preference to own the best performing, highest quality grocery-anchored neighborhood shopping centers throughout Southern California”, Voorhees noted in a prepared statement.