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


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 

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, Twitter @Colliers or LinkedIn

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El Warner

Vice Chair

Los Angeles - Orange County

As Executive Vice President of Capital Markets, Retail for Colliers International, El specializes in the disposition of large institutional assets across the country. Successfully closing more than $2 billion in transactions, he utilizes his background as a Certified General Real Estate Appraiser and deep-seated knowledge of the industry to maximize value for his clients. He believes brokers must truly understand an asset and be passionate about creating the best marketing plan to create value and separate his team from others.

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Caitlin Zirpolo

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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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Alyssa Mera

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As a member of the Private Capital Group at Colliers International, I specialize in the acquisition and disposition of privately owned retail centers and net leased assets in Southern California. Prior to joining Colliers, I was in retail sales management learning the ins and outs of what makes a successful retail company in today’s ever-changing environment. My retail management background coupled with a degree in engineering, has provided me with a strong understanding of numbers so I can confidently advise my clients on the best investment opportunity for them. I am effective at anticipating the needs of my clients and promptly providing solution-oriented advice. Our team is proud to be one of the top investment sales teams in the nation having successfully transacted on over $13  billion worth of commercial real estate.

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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Leanne Daly

PR & Communications Specialist


As Public Relations & Communications Specialist for Colliers’ U.S. Southwest Region, Leanne leads the development, implementation, and management of all internal and external communications strategies across all Southern California markets and assists with various projects across the Southwest Region. 

Partnering with regional executives, local market leadership, brokerage professionals, and clients, Leanne shapes and executes all written materials, develops and delivers strategic distribution plans, facilitates media relations, and provides proprietary market intelligence to position Colliers as a leader in the commercial real estate industry. Additionally, she serves as an advisor for media relations and crisis management, providing our professionals with the tools and support to elevate brand visibility through thought leadership and market expertise.

Leanne joined Colliers in September 2021, immediately placing significant focus on PR operations across the rapidly growing Greater Los Angeles region. Her extensive agency background includes leading local and national PR and marketing strategies for various notable brands in commercial real estate, government affairs, restaurant and hospitality, entertainment, lifestyle, health/wellness, non-profit, and more. Previous roles also include leading PR and business development operations for the Building Owners & Managers Association (BOMA) San Diego, as well as the planning, production, and media management of large-scale events across San Diego. 

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