Wednesday, August 31, 2016

HFF closes $23.25 million sale of San Diego-area grocery-anchored retail center

Old Grove Marketplace 101, 125, 165 and 175 Old Grove Road, Oceanside, CA
                                                                                   (Photo by Patrick Tang of TAKE FLYT IMAGING)

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $23.25 million sale of Old Grove Marketplace, an 81,279-square-foot, grocery-anchored retail center in the San Diego-area community of Oceanside, California. 

Gleb Lvovich
HFF marketed the property on behalf of the seller, Gerrity Group.  InvenTrust Properties Corp. purchased the asset free and clear of existing debt.

Old Grove Marketplace is 91.1 percent leased to anchor Ralph’s Marketplace and a variety of national and regional tenants, including U.S. Bank, Starbucks, Pick Up Stix, H&R Block, Oceanside Family Dentistry and AT&T. 

Completed in 2005, the four-building center is shadow anchored by Lowe’s.  Old Grove Marketplace is situated on 8.65 acres at 101, 125, 165 and 175 Old Grove Road at the intersection of Highway 76 and Old Grove Road in Oceanside, a coastal community north of San Diego.

 The retail center is visible to more than 65,000 vehicles per day from its location at one of the most heavily trafficked intersections in Oceanside, and more than 120,000 residents with an average household income of $74,360 live within a three-mile radius of the center.

The HFF retail investment sales team representing the seller was led by Gleb Lvovich, CJ Osbrink and Bryan Ley.

 “The offering generated significant activity from both private and institutional investors, demonstrating continued demand for grocery-anchored shopping centers along the western United States,” Lvovich said.

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

 Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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