CBRE announced the sale of Rancho Carmel Village Center, a 27,132-square-foot retail center in the submarket of Rancho Bernardo for $10,518,888 to New World Limited Partnership.
CBRE represented both sides of the deal, the local buyer, was represented by retail experts Reg Kobzi, Joel Wilson and Michael Peterson and the seller, AP-Rancho Carmel LLC, was represented by CBRE’s NRP West team lead by Phil Voorhees, Kirk Brummer and Reg Kobzi.
“This is a great opportunity for the New World Limited Partnership, the center is located in an affluent trade area with high traffic—there are limited sites in the area for future development, creating a high barrier to entry, which will provide our client with long-term growth and success, said Reg Kobzi, vice president of CBRE in the San Diego region.
The property is located at 12125-12165 Alta Carmel Court and is situated on 3.34 acres. The 100 percent leased center consists of three one-story buildings. There are currently 14 tenants, ranging from a pizzeria, fitness centers, salons, a learning center, a spa, and other neighborhood-type tenants.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.