San Diego, CA - Pacific Beach Retail Center

Description:

SRS Capital Markets is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 100% occupied 62,327 SF community center. Located in San Diego, CA, Pacific Beach Retail Center features nationally recognized tenants including Trader Joe’s, Staples, PetSmart and Panda Express and locally reputable San Diego County Credit Union and Sun Diego Boardshop. The center benefits from exceptional sales and tenant performance — the subject’s Trader Joe’s is reported to be one of the highest performing locations in Southern California and ranks 2nd in San Diego County (placer.ai) reflecting the store’s consistent draw beyond the immediate neighborhood from the greater affluent coastal and inland communities of La Jolla, Mission Beach, Ocean Beach, Bay Park, Clairemont, and Mission Valley. Just as important is the center’s ability to service multiple retail categories in a single location — necessity-based grocery in Trader Joe’s, pet care and specialty retail in PetSmart, essential financial and business services in San Diego County Credit Union and Staples, quick-service food and beverage in Panda Express, and soft goods and coastal lifestyle retail in Sun Diego Boardshop — a breadth of use that encourages cross-shopping, extends dwell time, and diversifies income across consumer categories. The property also features a ground-leased (leased fee) Vons fuel station on its own separate parcel providing a future investor the ability to sell off the pad and immediately lower their overall basis while still benefiting from the additional traffic it brings to the site. Pacific Beach Retail Center has an average remaining lease term of over 5 years with all existing tenants having one or multiple options to extend, and Trader Joe’s, San Diego County Credit Union, and Vons have all renewed their leases within the last two years — commitments that, alongside the subject’s sales performance, support a high probability of continued renewal and rent growth at option periods. The majority of the center is also leased below current market rent producing a growth profile driven by mark-to-market on proven, high-performing tenants that capture several segments of retail consumer demand.

Pacific Beach Retail Center is located at the signalized, hard corner intersection of Ingraham St and Garnet Ave with a combined 36,500 VPD. Garnet Ave is the primary retail thoroughfare serving the community of Pacific Beach, leading directly to the beach and pier to the west, and is directly served by Interstate 5 (157,000 VPD), providing excellent access and visibility from incoming traffic and funneling regional demand past the property every day. Pacific Beach Retail Center is directly adjacent to Vons-anchored Pacific Plaza featuring tenants such as CVS, Petco, Orangetheory Fitness, UPS, FedEx, and more — the adjacent Vons is reported to be one of the highest volume stores in San Diego County. The asset is surrounded by popular Pacific Beach bars and restaurants and is less than a mile from the Pacific Beach pier and other popular tourist destinations like Kate Sessions Park and Mission Bay, which draw over 15 million annual visitors, contributing additional visitor and seasonal spending on top of a dense, affluent resident base. The 5-mile trade area is supported by a population of over 292,000 with an affluent average household income of $164,798. This is an irreplaceable coastal asset anchored by needs-based, e-commerce resistant retail today with multiple avenues for growth over time.

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Listing ID: a28TP000003caK5YAI