San Diego, Calif. – Colliers today announced the sale of The Shops at Palm Promenade, a ±72,390 square-foot new construction retail center comprised of 756, 760, 762, 764, 780, and 804 Dennery Road, San Diego, CA 92154. Two buyers acquired the center in two separate deals, with a combined deal value of $41,559,300.
Colliers’ Orange County-based National Retail Capital Markets team, comprised of El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez, and Alyssa Mera, represented the sellers, Citivest and Hutensky Capital Partners, in both transactions.
A Private Exchange Buyer acquired buildings 765, 762, 764, 780, and 804 at a final sale value of $25,800,000. The sale included nationally recognized brands Chick-fil-A, Starbucks, Jersey Mikes, The UPS Store, and more, covering 24,120 square feet. Building 760, a 45,308 square-foot Burlington location, was purchased by a Single Tenant REIT for a final sale value of $15,733,531.
Centrally located within San Diego’s affluent and densely populated community, the retail asset provides investors with highly sought-after long-term leases with an average of 10.25 years remaining. The center is 100 percent leased to a synergistic mix of 14 quality long-term tenants, strategically situated between major destination retailers, Home Depot and Walmart, and encompasses AMC Theatres.
In its entirety, Palm Promenade serves as the largest Power Center in San Diego.
