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| Poway Crossings, a 109,455-square-foot, value-add, LA Fitness-anchored community shopping center in the San Diego suburb of Poway, CA |
NEWPORT BEACH, CA –– HFF
announces that it has closed the $27 million sale of Poway Crossings, a
109,455-square-foot, value-add, LA Fitness-anchored community shopping center
in the San Diego suburb of Poway, California.
HFF represented the seller. Sterling
Organization purchased the asset on
behalf of its latest institutional value-add fund, Sterling Value Add Partners
III, LP (“SVAP III”).
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| Gleb Lvovich |
Poway Crossings is Sterling Organization’s eighth acquisition in
California since 2015 and their fifth investment on behalf of the $497 million
SVAP III fund.
Situated on 10.10 acres at 12622-12654 Poway
Road, the center is located along the main thoroughfare of Poway Road, exposing
the center to more than 32,000 vehicles per day via Poway Road and Silver Lake
Drive.
The center is in a dense and affluent trade area with nearly
90,000 residents earning an average annual household income of $125,000.
The center was completed in
1979 and renovated throughout the years, most recently in 2015. Poway
Crossings is 80% leased to a variety of tenants, including LA Fitness, Dollar
Tree and Big 5 Sporting Goods, Massage Envy, Sola Salon Studios, Sushi Lounge,
Banfield Pet Hospital and KFC.
The HFF investment advisory team representing
the seller was led by managing director Gleb Lvovich and director Daniel
Tyner.
“We are pleased to have worked with two
excellent groups on the execution of this sale,” Lvovich said. “As part
of our consultative approach, the HFF team worked with the seller for well over
a year on strategic leasing decisions prior to the sale.
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| Daniel Tyner |
"We were fortunate to work
with a strong buyer in Sterling Organization, which has deep retailer
relationships that will be key to complete the repositioning of Poway
Crossings.”
Holliday GP Corp. ("HFF") is a real estate broker
licensed with the California Department of Real Estate, License Number
01385740.
CONTACTS:
GLEB LVOVICH
CA Lic. #01496699
HFF Managing Director
(949) 253-8800
DANIEL TYNER
CA Lic. #01959818
HFF Director
(949) 253-8800
KIMBERLY
STEELE
HFF Digital
Content/Public Relations Specialist
(713)
852-3420
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