San Diego County value-add shopping center sells for $9.45M
JLL Capital Markets closed the sale of the center and sees strong demand for retail strip centers in infill Southern California locations
NEWPORT BEACH, Calif., March 24, 2022 – JLL Capital Markets announced today that it has closed the $9.45 million sale of Galleria Vera Cruz, a 28,451-square-foot, value-add retail strip center in the northern San Diego-area community of San Marcos, California.
Originally constructed in 1986, Galleria Vera Cruz is 95.33 percent leased to a mix of local food, health and beauty and financial services tenants, including Kumon, Darunee Thai Cuisine, iTan, Filipino Depot, Inland Tavern and more.
Galleria Vera Cruz is situated on 2.16 acres at 1001-1003 W. San Marcos Blvd. at the highly visible intersection of San Marcos Boulevard and Via Vera Cruz, which is seen by approximately 41,200 vehicles per day. This easily accessible position along one of the main thoroughfares in San Marcos and within a top retail corridor in the North San Diego submarket is less than a mile from SR-78 and Interstate 15. The property serves a growing trade area with more than 96,150 residents within a three-mile radius, which is expected to increase nearly five percent to 100,871 by 2026.
Representing the seller was the JLL team, led by Senior Director Daniel Tyner and Managing Director Gleb Lvovich, and Retail Insite, led by Mike Moser.
“The sale of Galleria Vera Cruz further proves the strong demand for infill located strip centers in Southern California,” Tyner said. “The relatively low in-place rents compared to the nearby submarket provided an attractive opportunity to investors, which resulted in us receiving multiple offers on the sale.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
Retail Insite is a retail brokerage company active in more than 18 million square feet of retail shopping centers thorough Southern California.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.