Saturday, June 22, 2019

HFF arranges $27 million sale of San Diego-area value-add retail center


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”)

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. 

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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