San Diego CA— CBRE Group, Inc. announces the sale of Scripps Mesa Retail Center, located at 9801-9841 Mira Mesa Boulevard, in the submarket of Scripps Ranch, for $11 million. CBRE retail experts Reg Kobzi, Joel Wilson, and Michael Peterson represented both sides of the transaction. The seller, Hendricks Commercial Properties, is based in Wisconsin and the locally-based buyer was the Shah Family Trust.
Scripps Mesa Retail Center is approximately 25,721 square feet and was recently renovated in 2015 at a cost of $1.7 million. The center has 18 tenants and recently leased the premises to 100 percent occupancy.
“Scripps Mesa Retail Center is a great investment, located adjacent to the I-15,” said Mr. Kobzi, senior vice president of CBRE in the San Diego region. “The retail trade area has experienced a high increase in retail activity with the addition of Trader Joe’s next door and we have seen extremely low vacancy over the last several years.”
Located in central San Diego, the center is situated at the intersection of Mira Mesa Boulevard and Interstate 15, adjacent to the off ramp.