Del Oro Marketplace in Oceanside, California

Record Cap Rate for Del Oro Marketplace

Carrie Rossenfeld Retail

A private San Diego–based seller has sold Del Oro Marketplace, a 102,000-square-foot shopping center in Oceanside, California, to another private investor for $41.7 million. The shopping center, located on the corner of College and Oceanside Boulevard, sold at a 4.92 percent cap rate — a record, according to CoStar.

El Warner and Caitlinn Zirpolo of Matthews Real Estate Investment Services represented the seller in the transaction. The seller had purchased Del Oro Marketplace at a 5.08 percent cap rate, a record for a non-grocery-anchored shopping center in San Diego County. Jeff Helm of Helm Properties represented the buyer.

Matthews collaborated with San Diego-based CBRE leasing agents Reg Kobzi and Joel Wilson, who supported the transaction by providing seasoned 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 percent cap rate for a Walgreens in all of California since 2016. Del Oro is just one of the properties Matthews has represented recently. In California, the firm currently selling The Village at Mammoth, Savi Ranch Center, Foothill Center, and several other centers. The firm specializes in shopping center, STNL, multifamily, management, portfolio disposition and 1031-Exchange programs.

by Carrie Rossenfeld