Cushman & Wakefield Arranges Sale of Remodeled Shopping Center in Oceanside for $56.6 Million

Cushman & Wakefield has advised the sale of Marketplace del Rio, a 183,292-square-foot high-quality neighborhood shopping center anchored by a Stater Bros. market. Located at 3762-3774 Mission Avenue and situated on over 20 acres, the grocery-anchored center recently completed an extensive remodel of its exterior, common areas and interior spaces.

Stater Bros. has anchored the center for several years and recently signed a long-term lease extension and expansion – the recently remodeled market celebrated the grand reopening of its enlarged store in early 2023.

A high-net-worth investor based in Southern California acquired the center for $56.6 million. The private buyer was represented by Phil Lyons and Chad Iafrate with Cushman & Wakefield in San Diego. The retail brokerage team of Lyons and Iafrate was also hired by the buyer to handle leasing efforts for the center moving forward. The buyer also hired 1st Commercial Management Group - San Diego, Inc., a subsidiary of West Coast Retail Management, Inc. headed by Roberta Degener, to provide management services.

The seller was ROIC, which was represented by Jimmy Slusher, James Tyrell and Preston Fetrow of CBRE.

“This was a great opportunity to purchase a high-image shopping center that is supported by a strong, well-performing grocery tenant. Stater Bros.’ recent expansion and lease extension at the property is also indicative of its future commitment to the property,” said Phil Lyons, managing director. “With several large-scale grocer mergers occurring recently or proposed, the opportunity to acquire a regional grocer (Stater Bros.) anchored center minimizes the risk for any potential fallout from these mergers.”

Lyons continued, “The buyer was really drawn to the shifting retail demographics of the Oceanside trade area along with the long-term residential densification and historic stability of the asset. In addition, the buyer liked that the shopping center was located on more than 20 acres of prime coastal north county San Diego land that lends a variety of future alternative investment options, including the potential for redevelopment and/or repositioning over the long term.”

“The exciting new residential and commercial developments in the area, including the proposed 92-acre OceanKamp mixed-use development anchored by a resort and artificial surf lagoon/wave park and future buildout of the Rancho Del Oro master plan, was also an attractive feature of the property as a long-term investment,” added Chad Iafrate, executive director.