Monday, July 6, 2015

Joint-Venture Partners Citivest and Angelo, Gordon & Co. Acquire Nine-Property Retail Portfolio in San Diego County, CA for $183.25 Million

Pacific Coast Plaza,  2110-2191 Vista Way, Oceanside, CA
SAN DIEGO, CA (July 6, 2015) – AGC SD Retail Holdings, LLC, a joint venture of Newport Beach-based  Citivest Commercial Investments, LLC and New York-based Angelo, Gordon & Company, has acquired a nine-property retail portfolio in San Diego for $183.25 million, according to Citivest President Larry Weese. 

At the time of sale, the more than 520,000 square-foot portfolio’s average occupancy rate was above 92 percent, 78 percent of which are credit, national or regional tenants.

“All nine of these retail properties are positioned in strong locations within their submarkets and feature historically high occupancy with either strong anchor tenants or shadow-anchors that drive consumer traffic to the centers,” Weese said.

Town Center North, 805 College Boulevard
 Oceanside, CA
“This portfolio will make a strong investment for our company and for our partner, as we will be able to increase the value of this already well-performing portfolio through our leasing and asset management expertise.”

The properties include retail space within Pacific Coast Plaza and Town Center North in Oceanside; Palm Promenade and Stonecrest Plaza in San Diego; East County Square and East County Village in El Cajon; and EastLake Terraces, Eastlake Village Center East and Southbay Marketplace in Chula Vista.

Dwight Belden, Chief Operating Officer for Citivest Commercial Investments, LLC, pointed out, “This is the first time any of these properties had come to market since they were built. Each of the acquired retail spaces is located within the dominant centers in their areas, with historically high consumer traffic. When these factors are coupled with the high barriers to entry in the San Diego market, the potential for growing asset value for these investments is quite strong.”

Larry Weese
Weese added that the properties will be further stabilized in the coming months, and that the partners will also reposition the largest of the acquired properties, Pacific Coast Plaza, through implementing exterior upgrades.

“Acquiring nine separate properties at one time took a lot of patience and dedication,” Weese noted. 

“By working closely with the seller, as well as our joint venture partner, we were able to overcome issues that arose, including the assumption of a CMBS loan, and complete this unique portfolio acquisition.”

            The Citivest team included Weese, COO Dwight Belden, CEO Dana Haynes and VP Jeff Peterson in association with Mark Ferraro of TMC America, LLC.

The new portfolio will be managed by Rob Cord - Managing Director of Real Estate Management Services at Voit Real Estate Services.

 Brokerage was handled by Flocke & Avoyer, San Diego.

For a complete copy of the company’s news release, please contact:

Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940


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