Shadow-Anchored Vons Strip Center Trades for 5% Cap
In the shadow of Vons and CVS, a San Diego strip center gets a trade at a 5% cap due to a 1031 exchange. CBRE's Philip Voorhees and Todd Goodman, along with Retail Insite's Mike Moser, brokered the sale of Scripps Ranch Marketplace Phase 2, a 28,700 SF strip center, which includes such tenants as Chase, Verizon and Which Wich. The buyer was not identified. The sale also includes a nearly seven-acre parcel along Scripps Poway Parkway. The circa-2000 center was fully leased at the time of the sale.