LOS ANGELES--(BUSINESS WIRE)--Matthews Real Estate Investment Services™ is pleased to announce the record breaking sale of Del Oro Marketplace, a 102,000-sf shopping center in Oceanside, CA. The shopping center, located on the corner of College and Oceanside Boulevard just sold for $41.7 million at a 4.92% cap rate, a record according to CoStar.
Pleased with the outcome, the seller said, “In addition to generating the highest price for our asset, Warner and Zirpolo quickly addressed multiple off-market properties for us to trade into, more than doubling our net income.”
A private investor purchased Del Oro Marketplace at a 5.08% cap rate, a record for a non-grocery anchored shopping center in San Diego County. According to Warner, “We were successful in generating multiple offers and were able to dictate pricing and terms to get not only an excellent price for our seller, but to also provide them flexibility to help with their exchange.”
Jeff Helm of Helm Properties, who represented the buyer, said, “Based on the asset’s irreplaceable location in the highly desirable market of San Diego County, our client is thrilled to add Del Oro Marketplace to their portfolio.” Matthews™ collaborated with San Diego-based CBRE leasing agents Reg Kobzi and Joel Wilson, who supported the transaction by providing expert local knowledge.
The free-standing Walgreens on the north-east corner of the center was sold individually to a private buyer from northern California in an exchange at a record breaking 4.34% cap rate for a Walgreens in all of California since 2016.
The Matthews™ Shopping Center Division prides themselves on their unwavering commitment to serving their client’s best interest. With their competitive marketing technology and expansive global database, the division has earned a reputation for excellence in execution. In California, they are currently selling The Village at Mammoth, Savi Ranch Center, Foothill Center, and several other centers. For more information regarding available shopping center inventory, please reach out to El Warner or Caitlin Zirpolo.
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in shopping center, STNL, Multifamily, Management, portfolio disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit WWW.MATTHEWS.COM.