Image Credit: Co-Star
(North County Beat) – Marketplace del Rio, a neighborhood shopping center encompassing 183,292 square feet in Oceanside, has been sold for $56.6 million, according to Cushman & Wakefield, a prominent real estate firm.
Located at 3762-3774 Mission Ave. and spanning over 20 acres, the shopping center is anchored by a Stater Bros. supermarket. The center recently underwent a significant exterior, common area, and interior remodel.
Stater Bros., a long-standing tenant, recently renewed its lease for the long term. The supermarket celebrated the opening of its expanded store early last year following the remodel.
A private Southern California investor acquired Marketplace del Rio. The buyer was represented by Cushman & Wakefield’s Phil Lyons and Chad Iafrate from their San Diego office, who will also oversee leasing for the center. Management services will be handled by 1st Commercial Management Group – San Diego, Inc., a subsidiary of West Coast Retail Management, Inc.
The seller, ROIC, was represented by Jimmy Slusher, James Tyrell, and Preston Fetrow from CBRE.
Lyons noted that the buyer was attracted to the evolving retail demographics in Oceanside, the area’s long-term residential growth, and the shopping center’s historic stability. He emphasized the center’s prime location on more than 20 acres of coastal North County San Diego land, which offers numerous future investment opportunities, including potential redevelopment or repositioning.
Iafrate highlighted additional appeal factors, including nearby new residential and commercial developments, such as the proposed 92-acre OceanKamp mixed-use project and the continued development of the Rancho Del Oro master plan.
