Tierrasanta Gateway Shopping Center Sells for the First Time in 20 Years
Tierrasanta Gateway Shopping Center, a 42,192-square-foot neighborhood retail center located in San Diego, recently sold for $15.5 million. This is the portfolio’s first sale in nearly 20 years.
Nicholas Totah and Ross Sanchez of Marcus & Millichap’s downtown San Diego office, represented the buyer, a local real estate investor. The seller was TGSC LLC, a local real estate investment group, and was self-represented. The buyer acquired financing to purchase the asset.
Built in 1992, the Tierrasanta Gateway Shopping Center is located at 5910-6030 Santo Rd. and consists of four buildings and two parcels. A synergistic mix of 25 Internet-resistant retail tenants such as the United States Postal Service, Dairy Queen and Alans Market occupy the center. The properties are located on the corner of Santo Road backing up to Highway 52 near the I-15 and 163 freeway connectors, and sit on approximately 3.7 acres.
“The center provides the underserved market of Tierrasanta with a variety of shopping needs,” says Totah. “This was a generational opportunity for the buyer, a very low vacancy market, high barrier-to-entry market with little trade activity, and an exceptionally managed and maintained asset.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.