SAN DIEGO, CALIF. – (RealEstateRama) — CBRE Executive Vice President Philip D. Voorhees announced today that he, Jimmy Slusher and their National Retail Investment Group – West (NRIG-West) team completed the sale of the Taco Bell and Shops, a 18,175-square-foot, strip center in the city of San Diego, Calif., leased to a synergistic mix of food and service tenants, including Taco Bell, El Pollo Loco, Pick Up Stix, AT&T and T-Mobile. The sale price was $14 million, representing a 5.0% cap rate.
CBRE’s retail investment experts Voorhees, Slusher, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow, John Read and CBRE’s Senior Vice President Reg Kobzi represented the seller, MVR, LLC, a Los Angeles, Calif.-based private investor. David Lachoff of Newmark Grubb Knight Frank represented the buyer, a California-based private investor focused primarily on multi-tenant retail investments.
Taco Bell and shops, located at 2007-2025 Camino del Este, sits on a 1.21-acre at the entrance of the Westfield Mission Valley Mall, a 1.1 million super regional supping center and along the I-8 freeway (235,000 cars per day). The property was built in 1999 and was 100% leased at the time of sale.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.