pr CBRE announced the sale of Ashford Retail Center, a neighborhood center, in the submarket of Clairemont in San Diego, CA, for $5.25 million.
CBRE’s Michael Peterson, Joel Wilson and Reg Kobzi, handled the transaction between, GME Properties, seller, and the buyer ERE Real Estate LLC.
The Ashford Retail Center located at 3536-3550 Ashford Street, is situated in the dense residential market of Clairemont and is shadow anchored by Carnival Market. Other tenants in the center include Verizon Wireless, Domino’s Pizza and a number of other service providers.
“This was a good investment for a local buyer who saw the upside potential in rental rates and the ability to create value by leasing to service tenants that can cater to the surrounding neighborhood,” said Peterson.
The center is in proximity to the I-805, and centrally located near Mesa College and Sharp Memorial Hospital. The San Diego retail market fundamentals are strong with increased leasing activity and elevated asking rates, according to CBRE Research, which adds to the value of neighborhood and strip center investments across the county.
For more information visit www.cbre.com.