LA Firm Buys Mira Mesa Market West Shopping Center for $99M

  • 📰 nbcsandiego
  • ⏱ Reading Time:
  • 65 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 51%

Real Estate News

Business Business Latest News,Business Business Headlines

Los Angeles-based Decron Properties has purchased the Mira Mesa Market West Shopping Center from Stockbridge Capital Group for $99 million, it was announced…

Los Angeles-based Decron Properties has purchased the Mira Mesa Market West Shopping Center from Stockbridge Capital Group for $99 million, it was announced Thursday.

The 238,747-square-foot shopping center in Mira Mesa is anchored by Home Depot, Smart & Final and CVS. Built in 2000, Mira Mesa Market West is located at 10604 Westview Parkway at Mira Mesa Boulevard."We saw this as an opportunity to add a marquee retail asset to our growing San Diego portfolio," said Decron CEO David Nagel."Only a few years ago, it was assumed that brick-and-mortar retail would be taken over by e-commerce.

According to the company, the acquisition of the fully leased center included the assumption of the existing financing with New York Life Insurance Company, which allowed for the assumption of a below-market interest rate of 3.5% fixed for the remaining loan term.Sign up for NBC San Diego newsletters.

The 20.22 acre-property has received 6.9 million visits in the past year, a company statement read. The remaining tenants include Dave's Hot Chicken, Rubio's Baja Grill, Starbucks, Jersey Mikes, Verizon Wireless, PNC and Lazy Dog Restaurant. Mira Mesa Market West is the second real estate acquisition for Decron in the San Diego market in the last six months. In December, the firm acquired Margo at The Society, a 240-unit, multifamily community located just off Hotel Circle in San Diego for $125.5 million.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 524. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

LA firm buys Mira Mesa Market West shopping center for $99 millionCity News Service is one of the largest regional news services in the country, serving the Southern California region.
Source: 10News - 🏆 732. / 50 Read more »