Encinitas Retail Asset Trades For $43M
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When the deal is right, investors still want San Diego-area retail properties. Recently an LLC formed by private investors snapped up the 124K SF Encinitas Marketplace in Encinitas.
“With a nearly 80% national and regional tenant base, the center is an important community asset with strong long-term potential,” Colliers International Senior Vice President Richard Lebert said.
In addition to a Kohl’s anchor, tenants include the Vitamin Shoppe, Five Guys, Firehouse Subs, Chick-fil-A, O’Reilly Auto Parts, My Sister’s Closet, Sylvan Learning Center, The Joint Chiropractic, Allstate and Pacific Dental.
Lebert and Matt Zimsky of Colliers International and Chris Ross of JLL represented the buyer, Encinitas Marketplace LLC. Reza Investment Group represented the undisclosed seller.
The health of the suburban retail market is being sustained by the overall health of suburban San Diego.
Suburbs that can offer some of the live-work-play dynamic found in the city are going to be successful in attracting companies and residents, especially if their costs are lower, according to the speakers at Bisnow's recent Future of San Diego Suburbs event.
So far North County San Diego has been able to attract employers because they can still afford the area's office space and employees can afford to live here.