January 3, 2017 Comments Off on CBRE Completes Sale of Scripps Mesa Retail Center Views: 232 California, California News, San Diego, West

CBRE Completes Sale of Scripps Mesa Retail Center

Scripps Mesa Retail Center, a recently-renovated 25,721-square-foot property, traded hands for $11 million. The buyer was the locally-based Shah Family Trust, and the seller was Wisconsin-based Hendricks Commercial Properties.

The boutique property was renovated in 2015 at a cost of $1.7 million. The center has 18 tenants and is 100% occupied.

CBRE’s Reg Kobzi, Joel Wilson, and Michael Peterson represented both sides of the transaction.

Kobzi says, “Scripps Mesa Retail Center is a great investment, located adjacent to the I-15.” He notes that the addition of Trader Joe’s next door boosted retail activity in the trade area, and that’s helped drive vacancies to extremely low levels.

Connect With CBRE’s Kobzi

For comments, questions or concerns, please contact Dennis Kaiser

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