Newmark 1 announces it has completed the sale of The Shops at Eastlake Terraces, a portion of a 363,300-square-foot community center shadow-anchored by Home Depot and Walmart Supercenter and located in Chula Vista, California for $47.8 million. The traded portion comprises 60,973 square feet of well-located shops and free-standing buildings. The asset traded from Crow Holdings to Gershman Properties for an undisclosed price. Newmark Vice Chairman Pete Bethea and Senior Managing Directors 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,” said Ippolito. “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 premier retailers in the industry. The property features high-end, classic 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 master-planned community of Eastlake is the dominant retail submarket in south San Diego County. Eastlake is home to more than two million square feet of retail boasting occupancy of 95 percent. Located at the northwest corner of Olympic Parkway and Eastlake Parkway, The Shops at Eastlake Terraces is positioned to benefit from the surrounding residential growth–most notably the $4 billion, 210-acre Millenia development that is located one block to the south and will include more than 2,900 homes and 3.5 million square feet of commercial space at completion, including a fire station, library, school, and transit station.