1545 O'Connell LP has acquired the single-tenant property, known as Vons Grocery Store-Scripps Ranch, from Yoshizawa Hozen Co. Encompassing 33,215 sf, the building stands on a 2.58-acre parcel located at 10016 Scripps Ranch Blvd. Vons Grocery signed a 20-year lease for the facility in 1988 when it was constructed for the retailer as a build-to-suit. Set to expire on December 31, 2008, the lease does include six five-year options to renew.
In the recent sale, 1545 O'Connell LP was represented by Derek Braham and Eric Duncanson of Insignia's Los Angeles office. Phil Wise and Brian Driscoll of Colliers International acted on behalf of Yoshizawa Hozen Co.
Investment interest remains high in the San Diego retail market, with industry experts predicting that sales prices will continue to climb over the next year. The amount of retail properties changing hands will probably lessen in the coming year, however, as more owners are deciding to hold onto their assets.
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