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San Diego’s Largest Power Retail Center Sells for ±$42 Million in Combination Sale

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Colliers’ National Retail Capital Markets team brokers the sales of Palm Promenade

San Diego, Calif. October 18, 2022 – Colliers today announced the sale of The Shops at Palm Promenade, a ±72,390 square-foot new construction retail center comprised of 756, 760, 762, 764, 780, and 804 Dennery Road, San Diego, CA 92154. Two buyers acquired the center in two separate deals, with a combined deal value of $41,559,300.

Colliers’ Orange County-based National Retail Capital Markets team, comprised of El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez, and Alyssa Mera, represented the sellers, Citivest and Hutensky Capital Partners, in both transactions.

A Private Exchange Buyer acquired buildings 765, 762, 764, 780, and 804 at a final sale value of $25,800,000. The sale included nationally recognized brands Chick-fil-A, Starbucks, Jersey Mikes, The UPS Store, and more, covering 24,120 square feet. Building 760, a 45,308-square-foot Burlington location, was purchased by a Single Tenant REIT for a final sale value of $15,733,531.

Centrally located within San Diego’s affluent and densely populated community, the retail asset provides investors with highly sought-after long-term leases with an average of 10.25 years remaining. The center is 100 percent leased to a synergistic mix of 14 quality long-term tenants, strategically situated between major destination retailers, Home Depot and Walmart, and encompasses AMC Theatres.

In its entirety, Palm Promenade serves as the largest Power Center in San Diego.

 

 

Media Contact: 
Leanne Daly 
PR & Communications Specialist | Southwest 
Leanne.Daly@colliers.com 
760-930-7941 

 
About Colliers 
Colliers is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn


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When I am not focused on my career, I like to spend time discovering new restaurants with family and friends. You can also find me practicing yoga, hiking, or driving up the California coast.

Please feel free to contact me for a complimentary analysis of your current portfolio today.  

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