San Diego – CBRE announced that a local, private buyer has purchased Las Cumbres Square, a retail center in Mission Valley, San Diego, for $5.55 million.
CBRE’s Reg Kobzi, Joel Wilson and Michael Peterson represented the seller, a local investor, in the transaction.
Located at 6110-6120 Friars Road, the 12,781 square-foot property was originally built in 1978 and was remodeled in 2019. The retail center was 70 percent leased to nine tenants at the time of sale. The tenant roster includes Round Table Pizza, Mr. Peabody’s Burgers & Ale and Los Panchos Taco Shop. The site offers 63 off-street parking spaces.
The investment is directly across from Riverwalk Golf Course, a future master-planned redevelopment site that will include 4,300 residential units, 150,000 square feet of retail space and one million square feet of Class A office space. More than 157,658 people live within a three-mile radius of Las Cumbres Square, with an average household income of nearly $100,000. University of San Diego and Francis Parker School, a prominent private school in the area, are in proximity to the site.
“Mission Valley has been a thriving submarket in San Diego for decades, largely due to its ideal central location,” said Kobzi. “The planned redevelopment of the Riverwalk Golf Course right across the street has made Las Cumbres Square an extremely coveted asset, as thousands of residents will move into the area over the next few years.”
Wilson added, “This was an exceptional opportunity for an investor to acquire a retail center that will soon benefit from Mission Valley’s transformation into one of San Diego’s most exciting neighborhoods.”
The CBRE team also represented the buyer in the transaction.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.