The San Diego shopping center is for sale for $57 million

ROIC sold Marketplace del Rio, a 183,292 square foot neighborhood shopping center in Oceanside, California. 1st Commercial Realty Group purchased the asset for $56.6 million, or $384.24 per square foot, according to CommercialEdge. Cushman & Wakefield represented the buyer, while CBRE negotiated on behalf of the seller.

Completed in 1980, Marketplace del Rio has recently undergone a significant renovation of the exterior, common areas and interior spaces.

Stater Bros. Markets anchors the shopping center and recently signed an expansion and long-term lease extension. The newly renovated store celebrated its grand reopening early last year.

The property’s tenant list also includes UPS, The Home Factory, Subway, Burger King and Road Ready USA, among others.

READ ALSO: Coffee merchants, auto, discounts in growth mode

Located on 20 acres at 3762-3774 Mission Ave., Marketplace del Rio is located off Highway 76, which provides direct access to downtown San Diego. In 2023, there were 104,225 people living within 3 miles of the commercial property with a median household income of $110,319, according to ROIC.

CBRE Senior Vice Presidents Jimmy Slusher and Preston Fetrow, along with Associate James Tyrell, represented ROIC. Cushman & Wakefield Managing Director Phil Lyons and Chief Executive Chad Iafrate negotiated on behalf of 1st Commercial Realty Group.

The San Diego Retail Scene

San Diego’s retail market showed an increase in rental rates and vacancies in the second quarter of this year, while construction deliveries were on the decline, according to a recent Kidder Mathews report. Average asking rents reached $2.41, while vacancies recorded 4.2%. Meanwhile, the subway had 542,398 square feet of retail space under construction and about 29,374 square feet of additions.

Iafrate said in prepared remarks that new residential and commercial developments in the area, such as the 92-acre OceanKamp development and the upcoming expansion of the Rancho Del Oro master plan, also made the property attractive for long-term investment.