Another retail center has been placed up for sale in the San Diego metro area. The property, known as Marketplace Del Rio, is situated in Oceanside and listed by CBRE. Pricing guidance for the property is undisclosed.
The property is located at 3742 Mission Ave. and is currently owned by an entity affiliated with ROIC California LLC. Brokers for the property include CBRE’s Jimmy Slusher and James Tyrrell.
The shopping center spans 183,437 square feet and is anchored by Stater Bros. Market, Walgreens and Planet Fitness, according to marketing details. Other tenants include Crab Pub, 85°C Bakery Café and CosmoProf. Overall, the property is 98 percent occupied and has a net operating income of more than $3.6 million. Additionally, existing rents, averaging just $1.68 per square foot per month, stand significantly below current market rates, offering scope for rental uplift as leases roll over
Marketplace Del Rio enjoys a strategic location, positioned along Mission Avenue and El Camino Real, with visibility from Highway 76. The asset also has a high traffic count of approximately 42,400 vehicles per day.
The area is also home to a large population with more housing in various stages of development. The marketing brochure indicates that there are over 3,036 future homes within a five-mile radius. There are 239,494 people living within a five-mile radius with an average household income of $116,991 per year.
