CBRE announced the sale of Plaza Rancho Del Oro, a 65,054-square-foot regional center shadow-anchored by Albertsons and Planet Fitness, located in Oceanside, Calif. 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 leading position in Southern California retail capital markets. In addition to Plaza Rancho Del Oro ($34,311,000), the team recently completed the sales of Santa Ana Centre ($46,475,000) in Santa Ana and Marketplace Del Rio in Oceanside ($56,600,000).
In the sale of Plaza Rancho Del Oro, Jimmy Slusher, James Tyrrell, and Megan Lanni of CBRE’s 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 Boulevard. 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 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.”
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.”
Slusher, Tyrrell, and Lanni, based in CBRE’s Newport Beach office, handle National Retail Partners 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. Kobzi, Wilson and Peterson focus solely on the San Diego marketplace with an emphasis on 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 parcelized disposition strategy opportunities.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has approximately 130,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
