Last week, news outlets reported that McMillin Companies had sold Liberty Station, a 321,208-square-foot mixed-use center in San Diego’s Point Loma submarket, to a partnership of Seligman Group and Pendulum Property Partners. Now, sources familiar with, although unrelated to, the deal tell SoCal Real Estate that the sale price for the asset, which comprises infill retail, two grocery anchors, and a marketplace, was in excess of $160 million.
HFF marketed the property on behalf of the seller and procured acquisition financing on behalf of the buyer, according to a release from a representative of HFF. The firm’s investment advisory team representing the seller consisted of managing directors Gleb Lvovich and Bryan Ley and senior managing director Tim Wright, along with Mike Moser of Retail Insite as the leasing expert, the release says.
Additionally, working on behalf of the new owner, the HFF team placed the 10-year, fixed-rate loan and negotiated payoff of a complex in-place participating loan, the source reports. The HFF debt placement team representing the new owner included executive managing director Kevin MacKenzie, Wright and senior director Brian Torp.
The statement also says the transaction comprises six separate assets that have a total of 20 buildings: The Marketplace, The Landing, Building 193, Harbor Square, North Chapel, and the 16.16-acre Sail Ho Golf Course. The 92-percent-leased property is home to a variety of tenants, including Vons and Trader Joe’s, Liberty Public Market, and more than 30 food and beverage outlets, including Stone Brewing World Bistro and Gardens, Buona Forchetta, Nekter, Tender Greens, Breakfast Republic, Soda & Swine and Starbucks.
According to the release, Liberty Station is situated within the greater 360-acre Liberty Station master plan, which includes 850 homes onsite, 350 hotel rooms, more than 400,000 square feet of office space, a nearly 100-acre park-like arts district that is home to more than 120 museums and galleries, and the High Tech School campus with more than 3,500 students in its elementary, middle, and high schools. The property is described as being in a high-barriers-to-entry area in Point Loma along the San Diego Bay about 2.5 miles from the San Diego Airport.