Colliers Arranges $42M Sale of San Diego Power Retail Center

Colliers National Retail Capital Markets Team has brokered the combination sale of The Shops at Palm Promenade, the largest power retail center in San Diego. Two buyers acquired the newly constructed, 72,000-square-foot property with a combined value of $42 million.

The Colliers team of El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez and Alyssa Mera represented the sellers, Citivest and Hutensky Capital Partners in both transactions. A private exchange buyer acquired 5 buildings for $26 million, and a Single Tenant REIT purchased the large Burlington location for $16 million, as reported in a previous ConnectCRE article.

The Shops at Palm Promenade is 100% leased to a mix of 14 long-term tenants, including Chick-fil-A, Starbucks, Jersey Mikes and the UPS Store. It is strategically situated between major destination retailers Home Depot and Walmart, and encompasses AMC Theatres.

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