CBRE Completes Three Grocery-Anchored Shopping Center Sales in Southern California in 60 Days, Totaling $137 Million

CBRE announced the sale of Plaza Rancho Del Oro, a 65,054-square-foot-regional center in Oceanside, Calif., shadow-anchored by Albertsons and Planet Fitness. The property was sold to a high-net-worth individual from Los Angeles for $34,311,000, or $527 per square foot.

CBRE's National Retail Partners-West team has successfully closed three coastal grocery-anchored shopping centers in Southern California in the last 60 days, totaling over $137 million in consideration. These sales further solidify CBRE's position in Southern California retail capital markets. In addition to Plaza Rancho Del Oro, the team recently completed the sales of Santa Ana Centre ($46,475,000) in Santa Ana, Calif. and Marketplace Del Rio in Oceanside, Calif. ($56,600,000).

In the sale of Plaza Rancho Del Oro, Jimmy Slusher, James Tyrrell and Megan Lanni of CBRE's National Retail Partners (NRP) West lead the transaction representing the seller, A&C Properties, a private investment firm based in Phoenix, Ariz., focused on grocery-anchored shopping centers in the Southwest. CBRE's NRP-West was assisted by CBRE San Diego-based leasing experts Reg Kobzi, Michael Peterson and Joel Wilson.

Plaza Rancho Del Oro is located at 4120-4196 Oceanside Blvd. The property is 92% leased to tenants, including Starbucks, My Salon Suites, Upper Crust Pizza, Wells Fargo and Carl's Jr., along with a complementary mix of national, regional, and local retailers, service providers, and restaurants surrounding the shadow anchor Albertsons. The property consists of 29 local and national retailers.

"Plaza Rancho Del Oro's national shadow anchors, below-market rents, attractive existing loan, diverse tenant mix, and central Oceanside location all contribute to increasing tenant performance at the property," said Mr. Slusher. "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."

Mr. Slusher added, "CBRE generated substantial offer activity from private capital, 1031 exchange buyers, and high-net-worth family offices. This activity was largely fueled by investor sentiment towards established neighborhood shopping centers in coastal communities such as Oceanside, aided by the attractive assumable debt at better-than-market terms (sub-4%), expiring in late 2029."

Mr. Slusher, Mr. Tyrrell and Ms. Lanni, based in CBRE's Newport Beach office, handle NRP retail investment assignments in the western states, representing the most accomplished retail investors in the U.S. The team's ability to collaborate across CBRE's multi-discipline platform enhances its role as strategic advisors to Western U.S. clients in the disposition and acquisition of retail properties, ensuring the delivery of superior results in today's investment market. Mr. Kobzi, Mr. Wilson and Mr. Peterson focus solely on the San Diego marketplace, emphasizing private capital clients. Both teams are recognized as industry-leading investment experts, specializing in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parceled disposition strategy opportunities.