ROIC has sold Marketplace del Rio, a 183,292-square-foot neighborhood shopping center in Oceanside, Calif. 1st Commercial Realty Group purchased the asset for $56.6 million, or $384.24 per square foot, according to CommercialEdge information. 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 its exterior, common areas and interior spaces.
Stater Bros. Markets anchors the shopping center and has recently signed a long-term lease extension and expansion. The newly renovated store celebrated its grand reopening early last year.
The property’s tenant roster also includes UPS, The Home Factory, Subway, Burger King and Road Ready USA, among others.
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Located on 20 acres at 3762-3774 Mission Ave., Marketplace del Rio is near Highway 76, which allows direct access to downtown San Diego. In 2023, there were 104,225 people living within a 3-mile radius of the retail property, with an average household income of $110,319, according to ROIC.
CBRE Senior Vice Presidents Jimmy Slusher and Preston Fetrow, together with Associate James Tyrell, represented ROIC. Cushman & Wakefield Managing Director Phil Lyons and Executive Director Chad Iafrate negotiated on behalf of 1st Commercial Realty Group.
San Diego’s retail scene
San Diego’s retail market showed increasing rental rates and vacancies in the second quarter of this year, while construction deliveries were declining, according to a recent Kidder Mathews report. The average asking rents reached $2.41, while vacancy clocked in at 4.2 percent. Meanwhile, the metro had 542,398 square feet of retail space under construction and approximately 29,374 square feet of completions.
Iafrate said in prepared remarks the new residential and commercial projects in the area, such as the 92-acre OceanKamp development and the future expansion of the Rancho Del Oro master plan, also made this property appealing for long-term investment.