Decron Properties has acquired Mira Mesa Market West Shopping Center, a 238,747-square-foot shopping center in the San Diego submarket of Mira Mesa for $99 million. The seller is Stockbridge Capital Group and the fully-leased center is anchored by Home Depot, Smart & Final, and CVS.
The acquisition assumed the existing financing with New York Life Insurance Co. which was a below-market interest rate of 3.5% fixed for the remaining loan term.
Built in 2000, Mira Mesa Market West is located at 10604 Westview Parkway at Mira Mesa Boulevard, the city's primary east/west arterial. The 20.22 acre-property includes both pad and inline retail spaces. The multi-parcel make-up of the property provides Decron with the flexibility to sell individual parcels in the future.
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The remaining tenants are a mix of high-performing credit tenants that include Dave's Hot Chicken, Rubio's Baja Grill, Starbucks, Jersey Mikes, Verizon Wireless, PNC, and Lazy Dog restaurant.
This is the first retail acquisition since 2008 for Decron, which owns and manages approximately 600,000-square feet of additional retail assets and nearly 10,000 multifamily units in California, Washington, and Arizona.
Mira Mesa Market West is the second significant 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, luxury multifamily community located just off Hotel Circle in San Diego for $125.5 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
