CBRE Arranges $23 Million Sale of The Shops at Madison Place in San Diego

CBRE has negotiated the $23 million sale of the Shops at Madison Place, a 53,294-square-foot retail property located at 5487-5597 Clairemont Mesa Blvd., in San Diego, Calif. CEG Capital Partners acquired the property.

CBRE's Michael Peterson, Reg Kobzi and Rachel Parsons represented the seller, The Shops at Madison Place LLC, in the transaction. 

"Madison Place is a rare opportunity to acquire a stabilized retail asset with immediate upside through leasing and rent growth, in an undersupplied retail market," said Peterson, senior vice president. "The marketing process produced multiple offers from retail investors, apartment builders and town home developers. The asset will remain a retail center after a competitive bidding process, The Shops at Madison demonstrates the strength and upside that retail assets still provide in San Diego."

The property is currently 93% leased and features a mix of long-standing tenants, including the Golf Bar, Victory MMA & Fitness, STP Bar and Grill and CosmoProf. 

Situated at the intersection of Clairemont Mesa Boulevard and Interstate 805, the property benefits from exceptional visibility and easy access