CBRE announced the sale of Torrey Del Mar Plaza, a single-level, strip shopping center located in the submarket of Torrey Highlands in San Diego, California for $6.5 million.
CBRE Retail Investment experts, Reg Kobzi, Sam Alison, Mike Philbin and Amar Goli, represented the seller, Carmel Valley Plaza, LLC. The buyer, a local private investor was represented by Jason Richards.
Located at 13857-13859 Carmel Valley Road, the two-building property, developed by Frank and Gary Anderson totals 10,008-square feet and is 100 percent occupied. There are eight service-type tenants including a dentist, yoga studio, dry cleaners and animal hospital.
“This was a great opportunity to own a fully occupied retail center with a great mix of proven tenants in one of the wealthiest trade areas in Southern California,” said Reg Kobzi, senior vice president of CBRE in San Diego.
The property is surrounded by upscale master-planned communities and is in proximity to State Route 56 and I-15 . The property draws customers from the nearby affluent communities of Pacific Highlands, Fairbanks Ranch, Santa Luz, and Carmel Valley. Outstanding area amenities include highly-ranked school districts, and easy access to major high-tech and biotech work hubs, UCSD, and the beaches of Del Mar and Torrey Pines.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 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.
