San Diego CA— CBRE announces the sale of Torrey Highlands Plaza, a 14,042-square-foot retail center for $10.4 million to Santa Monica Property Investors.
The property is 100 percent leased by ten service-base tenants. The center is located at 13350 Camino Del Sur, near the 56 Freeway adjacent to Westview High School.
Tim Mills, CCIM, SIOR, vice president of CBRE in San Diego represented the buyer. “The location and demographics make this center a very attractive investment for my client,” said Mr. Mills.
The San Diego retail market fundamentals made a strong rebound in Q2 2017 after a mostly flat first quarter, according to CBRE Research. Leasing activity in Q2 was the highest in more than four years at 831,527 sq. ft., nearly doubling the figure posted in Q1.
Paragon is a San Diego-based real estate investment company that specializes in urban retail and mixed-used properties. Founded in 1998, Paragon has acquired and developed real estate projects in select urban markets across the U.S. For more information, please visit our website at www.paragoncompany.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.