Retail Center Sells for $44M

SAN DIEGO-In what's being billed as the largest retail deal so far this year in San Diego County, Metroplex Retail Center has sold for just under $44.3 million. The property counts two buildings and 210,926 sf and is located along the "home improvement" corridor of Miramar Road. The two-story building at 7340 Miramar Rd. is 113,182 sf on 4.55 acres while the two-story building at 7480 Miramar Rd. is 97,744 on 4.37 acres. Both structures are concrete tilt-up construction and were built in 1992. "The property is along the focal point of Miramar Road, adjacent to the pyramid, which is a San Diego landmark," says Phil Lyons, CCIM, with Grubb & Ellis/BRE Commercial. Lyons, along with Bruce Schiff, CCIM, also of Grubb & Ellis/BRE Commercial, represented both the buyer and the seller. In the deal, Metroplex Shopping Center 05A LP, a Cal. Limited Partnership bought the property from PARS Sorrento Valley Science Park III LP. "The buyer is looking to lease the property as is," Lyons tells Globest.com. As it is, the Metroplex Retail Center is 94% occupied, with 10 tenants, including Treasures, Greene Music, Home Office Plus, Metro Flooring and Rattan Leather. According to Lyons and Schiff, these "home improvement retail outlets" are among more than 100 retailers in the five-mile stretch on Miramar Road between Interstate 805 and Interstate 15. Lyons says the property has prospective tenants and should be 100% occupied soon."San Diego continues to be one of the strongest retail and housing markets in the country," says Schiff. "Growth is expected to continue so there will be a strong demand driving the need for home improvement/furnishing retailers and Miramar Road is one of the premier home furnishing locations in the county." Within the area, there is also approximately 16.2 million sf of industrial property and approximately 1.1 million sf of office buildings. In spring 2004, PARS Sorrento Valley Science Park III LP sold an adjacent industrial component for roughly $10 million. The entity is also looking to sell a nearby office parcel. Steve Rowland, Richard Gonor, and Tony Russell all with Grubb & Ellis/BRE Commercial are marketing the office piece.