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Colliers Capital Markets Team Arranges $32.3 Million Acquisition of AMC Multiplex Near Border in South San Diego

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Movie Goers from U.S., Mexico Fuel Center’s Popularity Top Performing Multiplex TheaterTrades to San Diego REIT Specializing in NNN Retail Properties

A team of Colliers International Retail Capital Markets brokers, with support from Matthews Retail Group, has arranged the $32.3 million sale of AMC Theatres’ 14-screen multiplex at Palm Promenade, a popular movie and entertainment mecca located adjacent to one of the largest regional retail centers in south San Diego County, just 5 miles from the U.S.-Mexico Border. 

Executive Vice President El Warner, head of Colliers’ Retail Capital Markets group, stood in as the lead broker during negotiations with  supporting roles played by teammates Senior Vice President Charley Simpson, Associate Vice President David Maloy, and brokers Caitlin Zirpolo and Jordan Gomez, all based in the brokerage firm’s Orange County, Calif. offices in the City of Irvine. 

“This has become one of the most contemporary entertainment centers in San Diego,” said Warner. “In addition to being within a 550,000-square-foot power center, two main factors appealing to the buyer were the opportunity to have a fairly e-commerce-immune asset in its portfolio and the reliable long-term income stream provided by a consumer-driven, net-leased asset like this one.” 

According to Warner, the buyer was a San Diego-based and privately held real estate investment trust (REIT) specializing in single-tenant, net-leased, retail assets. Citivest Commercial Investments was the seller, represented by the Colliers team.

Located at 770 Dennery Road in the City of San Diego, the larger center, which boasts anchor tenants Home Depot, Walmart and Vons, as well as an extensive list of smaller national credit tenants, is directly accessible friom the San Ysidro Port of Entry in Tijuana and attracts movie goers from both sides of the international boundary. Officials said the mix of U.S. and Mexican patrons is attracted to the geographically close center due, in large part, to the theaters’ state-of-the-art IMAX and RealD 3D screens.  

Citivest, in partnership with Hutensky Capital Partners, is developing some 73,000 square feet of new retail and restaurant space adjacent to the AMC multiplex. According to listing brokers Stewart Keith and Bradley Williams of Flocke & Avoyer Commercial Real Estate in San Diego, the now-under-construction addition is 90% pre-leased. 

“That fact alone – that this new addition is nearing full occupancy as it is still being built -- demonstrates the long-term viability of this entertainment center,”added Warner. “It also serves to justify Citivest’s decision to partner with Hutensky Capital whose premier reputation has been built, in part, on its equity investments in major-market retail assets.” 

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Caitlin Zirpolo

Associate Vice President

Los Angeles - Orange County

As an Associate Vice President, partner of the national leadership team, and leader of the strategic partners' group, I specialize in the disposition of quality retail assets across the US. I have broken several national cap rate records since 2017 including the record for the lowest cap rate of a non-grocery anchored shopping center in San Diego county. Prior to joining the Colliers team I quickly moved through the ranks in my three years at Matthews Real Estate to Senior Associate by utilizing my comprehensive knowledge, my ability to fully understand real estate, and my true passion for helping people. I have a unique ability to bring together a buyer and seller in difficult transaction situations with sophisticated buyers and sellers. This ability helps me deliver strong results and record-breaking pricing, despite a softening market, to both regional and institutional sellers.

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Jordan Gomez

Associate Vice President

Los Angeles - Orange County

As an Associate Vice President and Team Leader of the Private Capital Group at Colliers International, I specialize in the acquisition and disposition of privately owned shopping centers in the Western US. In 2016, I was awarded the coveted Pacesetter award by my previous employer, Matthews Real Estate Investment Services. In 2017-2019, I quickly moved through the ranks by utilizing my comprehensive industry knowledge, tenacious work ethic, and unwavering determination to provide my clients with superior service. This resulted in several National Cap Rate Records for both Shopping Centers and Net Leased Investments.

I have developed a unique ability to find the right investors and communicate to them an assets invaluable story, all while insuring that I hold myself and my team to the highest level of integrity. Our team, led by El Warner, has successfully transacted on over $10 billion of Retail assets, making us one of the Top Investment Sales Teams in Southern California from 2016-Present.

When I am not focused on my career, I like to spend the rest of my time with my loving Wife and family. We are an active bunch, so you can find us hiking throughout Newport Coast, riding our beach cruisers around back bay, or attending F45 & Crossfit classes. 

 

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