CBRE Completes Sale of Scripps Mesa Retail Center
Scripps Mesa Retail Center, a recently-renovated 25,721-square-foot property, traded hands for $11 million. The buyer was the locally-based Shah Family Trust, and the seller was Wisconsin-based Hendricks Commercial Properties.
The boutique property was renovated in 2015 at a cost of $1.7 million. The center has 18 tenants and is 100% occupied.
CBRE’s Reg Kobzi, Joel Wilson, and Michael Peterson represented both sides of the transaction.
Kobzi says, “Scripps Mesa Retail Center is a great investment, located adjacent to the I-15.” He notes that the addition of Trader Joe’s next door boosted retail activity in the trade area, and that’s helped drive vacancies to extremely low levels.
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