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 kclark@intersectioncre.com

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 avalencia@intersectioncre.com 

written by
Rocco Cortese

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 kclark@intersectioncre.com or Dan McCarthy at dmccarthy@intersectioncre.com

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 avalencia@intersectioncre.com 

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 kclark@intesectioncre.com

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 avalencia@intersectioncre.com 

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