Eden Group LLC has acquired the property, known as Rosecrans Shopping Center, from Rubin-Pachulski Partners. Located in the Point Loma area of San Diego, the complex stands at 3555 Rosecrans St. Anchored by Rubio's Baja Grill, Casual Male Big & Tall and Quizno's Subs, it was 73% occupied at the close of escrow. The property, which contains 141 parking spaces, dates back to 1987.
Rubin-Pachulski Partners was represented by Tanel Harunzade and Fred Sheriff of the Charles Dunn Co. Jason Johnson of Colliers International acted on behalf of Eden Group LLC.
The Rosecrans deal is just the latest sign of the strength currently found in the San Diego retail market. Net absorption here remained in positive territory at the end of 2002, with Marcus & Millichap releasing a preliminary vacancy rate of 4.9%.
According to Marcus & Millichap, "solid consumer spending will fuel demand for space and keep the (San Diego) retail market tight in 2003." The brokerage firm also predicts that investment interest here will remain high and sales will slow, as more owners decide to hold onto their assets.
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