September 22, 2016
Taco Bell and Shops, a 18,175-square-foot, strip center at the entrance to San Diego’s Westfield Mission Valley Mall, was sold for $14-million. The 100%-leased asset, on 1.21 acres, is leased to a synergistic mix of food and service tenants. The deal represents a 5% cap rate.
CBRE’s Philip D. Voorhees says, “This transaction was remarkable for its low cap rate and exceptional pricing on a per-square-foot basis. Asset pricing was at the top end of the range for the seller, though the cash-on-cash yield made it a compelling deal for the buyer.”
CBRE’s Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow, John Read and Reg Kobzi represented the seller, MVR, LLC, a Los Angeles-based private investor. Newmark Grubb Knight Frank’s David Lachoff represented the buyer, a California-based private investor.
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