Newmark : Completes $47.8 Million Sale of Part of Eastlake Terraces Community Shopping Center in Suburban San Diego

August 11, 2022 9:00 AM

Newmark[1] announces it has completed the sale of The Shops at Eastlake Terraces, a portion of a 363,300-square-foot community center shadow-anchored by Home Depot and Walmart Supercenter and located in Chula Vista, California for $47.8 million. The traded portion comprises 60,973 square feet of well-located shops and free-standing buildings. The asset traded from Crow Holdings to Gershman Properties for an undisclosed price. Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller in the transaction.

"San Diego remains one of the most sought after and desirable investment markets in the country," said Ippolito. "Continued residential and population growth coupled with tenant demand and limited supply will maintain this trend for the foreseeable future."

The Shops at Eastlake Terraces is anchored by Super Walmart and Home Depot, two of the premier retailers in the industry. The property features high-end, classic architecture and includes prominent national credit tenants such as Walgreens, Chase Bank, Chick-fil-A, Carl's Jr., Starbucks, Navy Federal Credit Union, Supercuts and Rubios.

The master-planned community of Eastlake is the dominant retail submarket in south San Diego County. Eastlake is home to more than two million square feet of retail boasting occupancy of 95 percent. Located at the northwest corner of Olympic Parkway and Eastlake Parkway, The Shops at Eastlake Terraces is positioned to benefit from the surrounding residential growth-most notably the $4 billion, 210-acre Millenia development that is located one block to the south and will include more than 2,900 homes and 3.5 million square feet of commercial space at completion, including a fire station, library, school, and transit station.

[1] Dba Newmark Knight Frank in California

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Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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