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| McGrath Family Retail Portfolio, San Diego, CA |
San Diego, CA -- The McGrath Family, known in San Diego as
pioneers in construction and real estate, have announced the sale of a portion
of their retail portfolio encompassing 294,428 square feet in the Kearny Mesa
submarket of San Diego, California to a commingled fund managed by Clarion
Partners, working with existing partner HP Investors, LLC.
The portfolio was 100%
leased at the time of the acquisition.
The McGrath Retail
Portfolio is located along Clairemont Mesa Boulevard and Shawline Drive, just off
of Interstate 805.
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| Randy LaChance |
The portfolio, which is
situated on 29.07 acres and comprised of six single-tenant leased retail
properties and one retail strip center, is tenanted with some of the most
sought after national retailers in the market, including Wal-Mart, LA Fitness,
McDonald’s, Food 4 Less, Starbucks, Verizon, and Chipotle, among others.
“The timing was right for
this sale and it worked for us in terms of our long-term goals,” said Laurie McGrath, President of McGrath
Development, Inc.
“While real estate
development has been challenging, fun and certainly rewarding, we have other
things that we would like to accomplish. Our larger goal will be growing our
Foundation as well as pursuing redevelopment of some of our other properties.”
The McGrath family has
owned the land on which the McGrath Retail Portfolio is situated since the late
1940s.
In 1990, McGrath broke ground on
the development of the McGrath Center, a 50 acre mixed-use project originally
approved to include 1,500,000 square feet of office, retail and R & D uses.
The plan was later revised to include mostly retail uses and a 100,000 square
foot industrial “flex” building.
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| Mark Caston |
Randy LaChance,
Senior Vice President, SIOR and Mark
Caston, Senior Vice President, both of Voit Real Estate Services,
represented the seller, McGrath.
“There is a tremendous
pride of ownership that is evident in this portfolio,” said Randy LaChance.
“I’ve had the opportunity to work with the McGrath family for 25 years, and
I’ve seen the fine quality and attention to detail that they put into their
assets.”
LaChance continues, “For
prospective buyers, this was a once-in-a-lifetime opportunity to acquire a
large retail portfolio in central San Diego.
"We garnered tremendous interest and activity throughout the sale
process, and ultimately identified a buyer that the McGrath family felt would
continue the legacy of this special project.”
“This is a core real
estate asset in San Diego. It has
maintained an occupancy of over 97% since 2001.
The portfolio has a great mix of credit tenants from the big box tenants
to the in-line space,” added Caston, Voit’s retail leasing expert.
Clarion Partners, a real
estate investment manager headquartered in New York, together with San Diego
based HP Investors, acquired the retail portfolio for $107.15 million on behalf
of one of its commingled funds. The
Clarion / HP team represented themselves in the transaction.
For a complete copy of the company’s news release,
please contact:
Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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