SAN DIEGO — Decron Properties has acquired Mira Mesa Market West Shopping Center in San Diego’s Mira Mesa submarket from Stockbridge Capital Group for $99 million.
The acquisition included the assumption of the existing financing with New York Life Insurance Co., which allowed for the assumption of a below-market interest rate of 3.5 percent fixed for the remaining loan term.
Built in 2000, the fully leased Mira Mesa Market West features 238,747 square feet of retail space. Current tenants include The Home Depot, Smart & Final, CVS/pharmacy, Dave’s Hot Chicken, Rubio’s Baja Grill, Starbucks Coffee, Jersey Mike’s Subs, Verizon Wireless, PNC and Lazy Dog restaurant. The property is situated on 20.2 acres at 10604 Westview Parkway.
This is the first acquisition since 2008 for Decron, which owns and manages approximately 600,000 square feet of additional retail assets and nearly 10,000 multifamily units in California, Washington and Arizona.