April 26, 2017 Comments Off on Marcus & Millichap Handles $15M Point Loma Retail Deal Views: 426 California News, San Diego

Marcus & Millichap Handles $15M Point Loma Retail Deal

Carlsbad, CA-based Capital Asset Management acquired Rosecrans Shopping Center, a 43,108-square-foot retail center in San Diego’s Point Loma for $15 million. Marcus & Millichap’s Mark Thiel handled the sale on behalf of an unnamed private investor seller, while the firm’s Nick Totah and Ben Tashakorian procured the buyer.

Totah says, “The new owners will benefit from the asset’s strategic location, less than a mile away from Valley View Casino center and next to numerous national retailers.” Additionally, he notes there is an opportunity to “unlock significant value by bringing rents up to the market rate and through strategic leasing and management modifications.”

The center was constructed in 1987, and sits on 2.27 acres at 3555 Rosecrans St. The new owner plans to completely renovate and reposition the center to appeal to health and fitness lifestyle oriented tenants. Current retailers include Rubio’s, CorePower Yoga, UPS, Allstate Insurance and Verizon.

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