$13.75 Million Buys North San Diego County, CA Single-Tenant, Net-Leased Retail Asset

Westfield Plaza Camino Real Shopping Mall, 2559 El Camino Real, Carlsbad, CA

John Rodiles

CARLSBAD, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 156,132-square-foot building fully leased to Macy’s West Stores Inc., a subsidiary of Macy’s Inc. The commercial real estate asset is located in the Westfield Plaza Camino Real shopping mall in Carlsbad, Calif.

The $13,750,000 sales price equates to $88 per square foot.

            John Rodiles, vice president investments in the firm’s Long Beach office, and Kirk Garabedian, senior associate in Marcus & Millichap’s Los Angeles office, represented the seller, a San Diego-based private investor. The buyer is an international commercial real estate investor.

            “Macy’s has been in operation at this location since 1979,” says Rodiles. “The retailer completed the initial term of the 32-year lease and is in an eight-year option period that includes four five-year options.”

Kirk Garabedian

            “The company owns another parcel in the same shopping mall that it operates as a men’s and home furnishings store,” adds Garabedian.

            Built in 1979 on 1.71 acres at 2559 El Camino Real in Carlsbad, Calif., the building was renovated in 2000.

            The approximately 1.1 million-square-foot Westfield Plaza Camino Real shopping mall contains 150 retailers and draws nearly 6 million customers per year.

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

Gina Relva

Public Relations Manager

(925) 953-1716