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San Diego center sells for $10 million

Riverdale Shopping Center in the San Diego submarket of Mission George has been acquired by Becker Properties, a local real estate developer.

CBRE brokered the sale of the 66,416-sq.-ft. center for private owners using its “managed bid” offer process. Six offers were received for the triple-net-lease property from among 509 queries.

“The San Diego retail market fundamentals remained positive in the third quarter of 2017, as average asking rates increased $0.01 quarter-over-quarter to $2.29 triple net, the highest rate since the recession,” said CBRE Senior VP Reg Kobzi, who handled the transaction with Executive VP Philip Voorhees.

Becker Principal Brad Becker commented that an upgrade in appearance and tenant mix is in the cards for the near future. Current tenants include CVS, Black Angus, and Armstrong Nursery.

The acquisition is Becker’s seventy in Southern California in the last 24 months.
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