JLL completes sale of coastal retail center near San Diego
The Imperial Beach property has a premier national tenant roster and a Grocery Outlet shadow anchor
NEWPORT BEACH, Calif., February 13, 2020 – JLL Capital Markets announced today that it has closed the $12.15 million sale of Breakwater Town Center, a 15,934-square-foot retail center consisting of four fully occupied, freestanding, triple-net-leased outparcel pads in the San Diego-area community of Imperial Beach, California.
JLL marketed the property on behalf of an undisclosed private seller. The JLL Retail Capital Markets team representing the seller was led by Managing Director Gleb Lvovich and Director Daniel Tyner. This transaction comes on the heels of the sale brokered by the team of the Grocery Outlet building in the same shopping center for $7.15M, completing a parcelization of the property for a total consideration of $19.3M.
Constructed in 2018 with a beach-centric aesthetic, Breakwater Town Center consists of 31,934 of fully leased internet-resistant tenant lineup that includes Starbucks, Chipotle, Five Guys Burgers and Fries, Baskin Robbins, Jersey Mike’s Subs and Great Clips and Grocery Outlet. Situated on 1.89 acres at 781-881 Palm Avenue, the center is in an infill area of Imperial Beach, which is 14.1 miles from downtown San Diego.
“We are excited to close on the sale of Breakwater Town Center and complete a parcelization strategy to maximize pricing for the seller,” Lvovich said. “The sale continues our team’s dominance in San Diego retail, a market on which we are extremely bullish.”
“Breakwater Town Center represents the ideal internet-resistant strip center that investors are seeking to acquire today due to its coastal location and premier tenant roster,” Tyner added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker. CA Real Estate License No. 01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.