Newmark completes $47.8 million sale of part of Eastlake Terraces community mall in suburban San Diego
Newmark 1 announces that it has completed the sale of The Shops at Eastlake Terraces, part of a 363,300 square foot community center anchored by Home Depot and Walmart Supercenter and located in Chula Vista, California, for $47.8 million. The retail portion includes 60,973 square feet of well-located stores and free-standing buildings. The asset was traded from Crow Holdings to Gershman Properties for an undisclosed price. Newmark Vice President Pete Bethea and Senior General Managers Rob Ippolito and Glenn Rudy represented the seller in the transaction.
“San Diego remains one of the most sought after and desirable investment markets in the country,” Ippolito said. “Continued residential and population growth, coupled with tenant demand and limited supply, will maintain this trend for the foreseeable future.”
The Shops at Eastlake Terraces is anchored by Super Walmart and Home Depot, two of the industry’s leading retailers. The property features classic high-end architecture and includes prominent national credit tenants such as Walgreens, Chase Bank, Chick-fil-A, Carl’s Jr., Starbucks, Navy Federal Credit Union, Supercuts and Rubios.
The planned community of Eastlake is the dominant retail submarket in southern San Diego County. Eastlake is home to over two million square feet of retail space with an occupancy rate of 95%. Located on the northwest corner of Olympic Parkway and Eastlake Parkway, The Shops at Eastlake Terraces is well positioned to benefit from surrounding residential growth, including the $4 billion, 210-acre Millenia development one block away. of homes to the south and will include more than 2,900 homes and 3.5 million square feet of commercial space upon completion, including a fire station, library, school and transit station.
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