written by
Natalie Baylon

Mercado Rancho Bernardo Named First Retail Center to Earn the Prestigious TOBY® Award

Intersection is excited to announce that The Mercado in Rancho Bernardo has earned a historic achievement in commercial real estate as the first retail center to be named The Outstanding Building of the Year (TOBY®) Award in San Diego, by the Building Owners Management Association (BOMA). This accolade, traditionally bestowed upon office buildings, is a testament to our commitment to excellence in property management and operations.

The TOBY Award represents the pinnacle of recognition within the commercial real estate industry, honoring exemplary practices in building management across specific categories of building types or sizes. To even qualify for consideration, a property must first earn a BOMA 360 designation, triumph in local and regional competitions, and eventually emerge victorious at the regional level.

At The Mercado, our journey to this groundbreaking achievement has been marked by vison, innovation, and relentless pursuit of excellence. Over the years, Intersection has meticulously curated an international tenant mix that harmonizes to create an unparalleled experiential retail center. Our partnership with Intersection Facility Services has ensured seamless tenant improvements and project maintenance, elevating the property to new heights.

Situated in the heart of San Diego’s tech and innovation corridor, Rancho Bernardo serves as the backdrop for The Mercado’s success. The area boasts an impressive roster of major companies, including Amazon, Hewlett-Packard, Northrop Grumman, Sony, and the recent addition of Apple’s sprawling 67.5-acre campus. Conveniently accessible via I-15 with multiple entry points via Rancho Bernardo Road and Bernardo Center Drive, The Mercado stands as a community focal point, drawing in residents, office employees, and visitors alike.  Coupled with a strong residential demographic component and proven retail traffic patterns, project ownership and management saw the potential to raise the shopping experience to a new level.  Capital investment and creative vision have resulted in a unique project that is 100% leased.

What sets The Mercado apart is its commitment to excellence in every facet of its operation. From its very walkable accessibility, well-maintained landscapes, and prominent signage to the recent exterior enhancements accentuating its unique architectural features, every detail has been meticulously crafted to create an inviting and exceptional retail environment.

The judging criteria for the TOBY Award encompass an array of factors, including community impact, tenant and employee relations programs, energy management, accessibility, emergency procedures, personnel training, sustainability and overall excellence. The rigorous inspections conducted by industry experts validate the significance of this achievement.

Winning the TOBY Award underscores our dedication to delivering best-in-class operations and management. It is a testament to the hard work, dedication, and collaborative spirit of everyone involved in making The Mercado an unparalleled success.

We owe this momentous achievement to the vision, expertise, and collaborative efforts of an exceptional team. It’s with immense gratitude that we extend our thanks to:

  • Nicole Schuck and Sean Rafford (Intersection Real Estate Services): Their unwavering commitment to excellence have been the driving force behind The Mercado’s success. Your vision and dedication have steered us toward this historic milestone.

  • Nick Cardoso and Fernando Cruz (Intersection Facility Services): Their relentless efforts in handling tenant improvements and maintenance have been instrumental in elevating The Mercado to its current stature. Your attention to detail and commitment to excellence are truly commendable.

  • Dan McCarthy and Alec Spencer (Intersection Commercial Brokerage): Their expertise in curating a tenant mix that creates an exceptionally experiential retail center has been invaluable. Your insight and dedication have been pivotal in shaping The Mercado into what it is today.

  • Mark Hoekstra (President and Co-founder of Intersection): His guidance, vision, and unwavering support have been the cornerstone of the success at Mercado for nearly three decades.

Each member of this exceptional team has played an integral role in securing this prestigious recognition. Your dedication, passion, and unwavering commitment to excellence have been the driving force behind The Mercado’s triumph.

This recognition only fuels our commitment to continuous improvement and innovation. As we celebrate this milestone, we also look ahead, eager to continue setting new benchmarks in the commercial real estate landscape.

The Mercado in Rancho Bernardo isn’t just a retail center; it’s a testament to the power of vision, collaboration, and unwavering commitment to excellence. Thank you to everyone who has been a part of this incredible journey. Together, we’ve made history.

Join us in celebrating this remarkable achievement and experience the excellence that defines The Mercado.

To learn more about Mercado Shopping Center or the TOBY awards, please reach out to Nicole Schuck @[email protected]

Natalie Baylon is the Marketing Coordinator at Intersection, providing strategic marketing expertise to support business objectives across company divisions. For general and marketing inquiries, please contact Natalie at [email protected] 

written by
Kyle Clark

Prominent four-building retail center has been sold in an off-market deal

Senior Director Kyle Clark represented the seller of a prominent retail center in the Sports Arena district in San Diego, the Four-Building property located at 3146-3194 Midway Drive, San Diego CA, 92110 closed earlier the last week of April.

At the time of sale, the property was 95% leased to an array of both local and national tenants, including Taco Bell, Epic Wings, Kyoto Sushi, and Tandoori House. Additionally, National credit tenant Popeye’s Chicken will be opening in the center this Summer operating out of the corner unit that

The purchase was structured to accommodate the amicable dissolution of a business partnership between the two sellers’ families.

“This was an opportunity for our clients to sell the property to settle a jointly owned and operated business they ran for decades but have recently sold in Central California.” -Kyle Clark

The off-market deal was transacted through the outreach of interest through the purchasers. The buyers look forward to continuing operating the property as it has been while anticipating the eventual redevelopment of the Sports Arena site, the former post office headquarters, and the surrounding area which is believed to bring new life to the area.

 

To learn more about this deal please reach out to Kyle Clark at [email protected]

Autumn Valencia is the Marketing Coordinator at Intersection, providing strategic marketing expertise to support business objectives across company divisions. For general and marketing inquiries, please contact Autumn at [email protected] 

written by
Natalie Baylon

Intersection is pleased to announce the sale of a fully leased and stabilized internal investment fund property managed by Intersection

Experiential Poway Retail Center Closes for $13.5 M

Senior Directors, Kyle Clark, and Dan McCarthy along with Senior Associate Alec Spencer, represented the seller in the sale of the North County retail center, Old Poway Village at 14005-14055 Midland Road, Poway CA. The 35,191 square-foot award-winning center consists of a selection of carefully curated retail tenants.

The property was sold as a fully leased and stabilized investment. After acquiring the property in 2017, Intersection established a new vision for the center that focused on building a destination lifestyle center for the Poway Community. To accomplish this, Intersection replaced several non-performing tenants with new, carefully curated businesses to create a retail experience conducive to the family neighborhood of Poway and surrounding North County residents.

Artisan Food and Beverage tenants The Hop Stop, Smokin’ J’s, and Mission Cellars anchor the center, and they are complemented with users such as the Bark and Collar, Poway Music Academy, Poway Pilates, and a lineup of other local tenants that support a unique dining and shopping experience.

“This has been a true passion play for Intersection.” Said Mark Hoekstra, Managing Director of Intersection. “I grew up in this neighborhood and always felt that this center could become something special. It has been an amazing journey seeing this property transform”.

The property was sold to a 1031 Exchange Buyer who closed within 45 days of opening escrow. “We positioned this asset to sell with clean triple net leases, good lease term on the rent roll, and have maintained the property impeccably.”, shared broker Kyle Clark “The Escrow was smooth with no surprises.”

The buyer plans to hold the asset long-term drawing upon the stabilized cash flow. “This property performed very well during the pandemic.” Stated broker Dan McCarthy. “Our tenant base was resilient, and the many outdoor areas benefited our food and beverage tenants significantly.”

To learn more about this deal please reach out to Kyle Clark at [email protected] or Dan McCarthy at [email protected]

Autumn Valencia is the Marketing Coordinator at Intersection, providing strategic marketing expertise to support business objectives across company divisions. For general and marketing inquiries, please contact Autumn at [email protected] 

written by
Kyle Clark

San Diego Investor Sells Asset in Salt Lake City 

The property located at 477 North 300 West in Salt Lake City UT, and which currently operates as a Dollar Tree, was sold to the regional franchisee of Ace Hardware. The buyer will occupy the property following the expiration of the current lease with Dollar Tree.

Kyle Clark represented the seller and San Diego-based investor previously and was the original broker to assist the Fischbeck Family trust in acquiring the property a few years ago in a 1031-exchange transaction. The interest to sell first sparked early this year when the single-tenant Dollar Tree, passed on their renewal option and asked for a rent reduction in order to remain on the lease. Kyle advised his client to do some preliminary listing work to see how the market would respond to the property; it is during this process multiple inquiries and qualified prospects had surfaced. One of the prospects that Kyle connected with was the regional franchisee for Ace Hardware, the offer was submitted quickly and Kyle represented both the buyer and seller. The property sold for almost double the price initially paid only a few years prior. 

This sale was able to allow the client to parlay the gain into a newly built Dollar General in Arkansas where they are able to increase investment cash-flow while retaining enough gain to roll over into personal properties.

To learn more about this transaction or to inquire about brokerage representation, please contact Senior Director Kyle Clark at [email protected]

Autumn Valencia is the Marketing Coordinator at Intersection, providing strategic marketing expertise to support business objectives across company divisions. For general and marketing inquiries, please contact Autumn at [email protected] 

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