OCEANSIDE, CA—The 87,740 square foot Oceanside Town & Country Shopping Center was sold recently to Sterling Organization as part of the firm's institutional fund Sterling Value Add Partners II, LP, fund.
Cushman & Wakefield's Retail Investment Team led by Dixie Walker facilitated the sale $15.7 million sale of the asset. The sellers were Prudential Real Estate Investors and Kimco Realty Corporation.
Oceanside Town & Country is anchored by a Smart & Final Extra! grocery store. Other national and regional retailers at the center include Starbucks, T-Mobile, West Marine, The UPS Store and Avis. The property is located at the interchange of the Interstate 5/San Diego Freeway and Oceanside Boulevard, approximately one mile from the Pacific Ocean.
“We believe the asset fits squarely in our value-add fund's box and expect to add significant value to the asset on behalf of our investment partners over our hold period,” said Brian Kosoy, managing principal of the Sterling Organization. “I also must thank the great folks at Kimco and Prudential—as well as Dixie Walker and his team—all of whom made our entrée into California a most professional and facile experience.”
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According to Walker, prior to engaging with the Sterling Organization, the property was under contract negotiations with a different buyer when the second anchor in the center announced it was shutting down operations at this location and other national locations, effective immediately. “With the loss of a major anchor during the late stages of reaching an agreement, we had to adjust our strategy from pursuing a REIT seeking stabilized product to Sterling, a value-add buyer,” said Walker, managing director of Cushman & Wakefield.
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by chairman/CEO Brett White and Global President Tod Lickerman.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
