NAI Capital Investment Services Group Completes Shopping Center Sale in Imperial Beach, CA
San Diego, CA, Tuesday, April 11, 2017– Executive Managing Director Chris Jackson and Executive Vice President Todd Lorber with NAI Capital’s Investment Services Group completed the sale of a 44,647 square foot multi-tenant retail shopping center in Imperial Beach, Calif. The seller, Silver Stand Plaza, LLC, was represented by Jackson and Lorber in the transaction. The buyer was Highpoint Capital Group. The transaction totaled $10.55 million or $236 per square foot.
The property, Silver Strand Plaza is located at 600 Palm Avenue, Imperial Beach in San Diego's South Bay region. Constructed in 1990, remodeled in 2015, the property was well maintained. The shopping center is in a dominant retail location blocks from the beach on Palm Avenue and Silver Strand Boulevard. Silver Strand Plaza has 27 tenants and it was 100% leased at the time of the sale.
Jackson said, “Our team received a tremendous amount of interest from investors looking at this property. The cap rate going into escrow was reported at 5.78% but by the time escrow closed the cap rate was over 6.25%, as existing tenants renewed leases at higher rents. This was a great upside for the buyer. The market for well-priced and well-located assets remains very hot.”
“Market conditions made it the ideal time for our client to cash out of their investment and obtain the best pricing for their asset,” Lorber added.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 375 offices and 6,700 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com
About NAI Global
Founded in 1978, NAI Global is a leading global commercial real estate services firm with more than 375 brokerage offices and over 6,700 professionals located throughout North America, Latin America, Europe and Asia Pacific. The firm manages over 380 million square feet of property on behalf of its clients, globally. The NAI Global Capital Markets Group serves the largest institutional owners of and investors in commercial real estate.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
# # #