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SAN DIEGO-Cousins Properties Inc. of Atlanta, GA has sold its Mira Mesa MarketCenter asset, a 464,000-sf shopping center that it owned with a joint venture partner, in a deal valued at $87 million.

DSB Properties has bagged the property, which stands at the Southwest quadrant of Mira Mesa Boulevard and Interstate 15 in the Mira Mesa area of San Diego. It is adjacent to 470 residential units, as well as a park and ride for local commuters traveling on Interstate 15. Completed in 2000, the asset was 100% occupied at the time of sale. Tenants here include retailers and restaurateurs such as Barnes & Noble, The Home Depot, Albertsons, Old Navy, Buca di Beppo, On the Border and Edwards Theatres.

In the recent transaction, DSB Properties was represented in-house. Eric Zimmerman and Randy Evans of Eastdil Realty acted on behalf of Cousins Properties, which had an effective ownership interest of 88.5% in Mira Mesa MarketCenter. Cousins’ joint venture partner was an affiliate owned by Prudential.

“Mira Mesa MarketCenter has been an outstanding property for us, performing better than our already high expectations,” says Joel Murphy, president of Cousins’ Retail Division. “That performance was reflected in the strong interest we saw as the project was taken to the market and the excellent price the offering garnered,” he adds.

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