Across Southern California, retail assets continue to be in high demand. Continuing to test the strength in the market, investors have placed a number of retail properties on the market in recent months.
One property that was recently placed up for sale is the Heritage Towne Center in Chula Vista, with an asking price of $16.975 million, or about $469 per square foot, according to marketing information from CBRE.
Located at 1392-1394 E Palomar St., the property was built in 2002 and totals 36,161 square feet. The fully leased, three-story retail asset sits on 1.96 acres and also contains 75 parking spaces.
According to the listing, Heritage Towne Center is home to a number of internet resistant tenants that provide food, convenience, medical or other services and maintains a net operating income of more than $1 million. Current tenants at the property include Performance Plus Physical Therapy, Heritage Park Pediatrics, Otay Ranch Market, Bamboo Garden Thai Cuisine as well as several others.
The property is located across from the Heritage Park and Community Center. It is also closely located to a large number of residential properties. According to CBRE, more than 327,700 residents with average household incomes of more than $123,800 live within a five-mile radius. Within a three-mile radius of the property, there is a daytime population of more than 112,900 people.
Overall, the San Diego retail market has performed well over the past several quarters, with recent reports showing the market is continuing to trend back toward pre-COVID levels. According to a third quarter retail market report from CBRE, yearly net absorption in San Diego as of the third quarter of the year totaled 449,859 square feet. At the same time, vacancies continued to fall, reaching five percent.
