SAN DIEGO (CNS) - 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. While there is still strong demand for online shopping, we are seeing a rise in people still wanting the in-store experience and the market/drug anchor line up sets the tone for a daily/weekly visit to the center, helping drive sales for all the tenants in this major regional shopping center."
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.
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.
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