Investor Buys Oceanside Shopping Center for $56 Million, Likes Size, Long-Term Prospects

Marketplace del Rio, a 183,292-square-foot neighborhood shopping center in Oceanside, has been sold for $56.6 million, according to the real estate firm, Cushman & Wakefield.

The center, at 3762-3774 Mission Ave. and situated on over 20 acres, is anchored by a Stater Bros. supermarket. An extensive remodel of its exterior, common areas and interior spaces was recently completed.

Stater Bros., a long-time tenant, recently signed a long-term lease extension. The recently remodeled market celebrated the unveiling of its enlarged store early last year.

An unnamed investor based in Southern California acquired the center. The private buyer was represented by Phil Lyons and Chad Iafrate with Cushman & Wakefield in San Diego. The duo also was hired by the buyer to handle leasing efforts for the center.

Management services will be provided by 1st Commercial Management Group – San Diego, Inc. a subsidiary of West Coast Retail Management, Inc.

The seller was ROIC, represented by Jimmy Slusher, James Tyrell and Preston Fetrow of CBRE.

“The buyer was really drawn to the shifting retail demographics of the Oceanside trade area along with the long-term residential densification and historic stability of the asset,” Lyons said. “In addition, the buyer liked that the shopping center was located on more than 20 acres of prime coastal North County San Diego land that lends a variety of future alternative investment options, including the potential for redevelopment and/or repositioning over the long term.”

Iafrate also cited new residential and commercial developments in the area, including the proposed 92-acre OceanKamp mixed-use project and future buildout of the Rancho Del Oro master plan, as reasons for the center’s appeal as a long-term investment.