ENCINITAS, CA-An Encinitas shopping complex has rung up nearly $14.7 million for seller Aetna Life Insurance Co., as San Diego County’s retail market continues to sizzle.
CDMPY El Camino LLC has acquired the property, which it plans to hold as an investment. Located at 141-215 S. El Camino Real, the complex encompasses 89,243 sf.
Aetna Life Insurance Co. was represented by Pete Bethea of Burnham Real Estate Services ONCOR International. Joe Smith, also with Burnham, acted on behalf of CDMPY El Camino.
The Encinitas deal is just another example of the county’s strong retail performance, which has held steady throughout the year. In fact, San Diego retail product is currently experiencing some of the lowest vacancy rates in the nation, according to a recent report by Marcus & Millichap Real Estate Investment Brokerage Co. The county is expected to wind down 2002 with an average retail vacancy rate of 4.9% – a figure that is actually slightly higher than year-end 2001.