CBRE sells three SoCal centers

CBRE Group, Inc. has sold three of its grocery-anchored shopping centers in California.

The three deals, which included two properties in Oceanside and one in Santa Ana, all took place in the last 60 days, and totalled over $137 million. CBRE says the deals solidify its position in the Southern California commercial real estate market.

Plaza Rancho Del Oro, a 65,054-sq.-ft. regional center shadow-anchored by Albertsons and Planet Fitness in Oceanside, was sold to a high-net-worth individual from Los Angeles for $34,311,000, or $527 per square foot. The property is 92% leased to tenants including Starbucks, My Salon Suites, Upper Crust Pizza, Wells Fargo ,and Carl’s Jr., along with a mix of national, regional, and local retailers, service providers, and restaurants. The property consists of 29 local and national retailers.

“Plaza Rancho Del Oro’s national shadow anchors, below-market rents, attractive existing loan, diverse tenant mix, and central Oceanside location all contribute to increasing tenant performance at the property,” said Jimmy Slusher, senior VP with CBRE's National Retail Partners-West. “This combination is particularly attractive to investors, as evidenced by the competitive bidding for Plaza Rancho Del Oro, with nearly 10 bids received. Across the market, there's continued strong investor demand for high-performing grocery-anchored centers offering stability and the potential for future rent increases.”