HFF closes $23.25 million sale of San Diego-area grocery-anchored retail center
NEWPORT BEACH, CA – August 30, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $23.25 million sale of Old Grove Marketplace, an 81,279-square-foot, grocery-anchored retail center in the San Diego-area community of Oceanside, California.
HFF marketed the property on behalf of the seller, Gerrity Group. InvenTrust Properties Corp. purchased the asset free and clear of existing debt.
Old Grove Marketplace is 91.1 percent leased to anchor Ralph’s Marketplace and a variety of national and regional tenants, including U.S. Bank, Starbucks, Pick Up Stix, H&R Block, Oceanside Family Dentistry and AT&T. Completed in 2005, the four-building center is shadow anchored by Lowe’s. Old Grove Marketplace is situated on 8.65 acres at 101, 125, 165 and 175 Old Grove Road at the intersection of Highway 76 and Old Grove Road in Oceanside, a coastal community north of San Diego. The retail center is visible to more than 65,000 vehicles per day from its location at one of the most heavily trafficked intersections in Oceanside, and more than 120,000 residents with an average household income of $74,360 live within a three-mile radius of the center.
The HFF retail investment sales team representing the seller was led by Gleb Lvovich, CJ Osbrink and Bryan Ley.
“The offering generated significant activity from both private and institutional investors, demonstrating continued demand for grocery-anchored shopping centers along the western United States,” Lvovich said.
About Gerrity Group
Gerrity Group owns and operates retail properties in the western United States. Fully integrated and privately held for over 20 years, the company acquires, leases and manages neighborhood and community retail real estate in partnerships with institutional investors. For more information, visit www.gerritygroup.com.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. is a pure-play retail company with a focus on acquiring open-air centers with a disciplined approach, in key growth markets with favorable demographics. This acquisition strategy, along with its innovative and collaborative property management approach, ensures the success of both its tenants and business partners and drives net operating income growth for the company. InvenTrust became a self-managed real estate investment trust in 2014 and, as of June 30, 2016, is an owner and manager of 91 multi-tenant retail properties, comprising 15.7 million square feet of retail space.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.