An undisclosed owner is offering for sale Rancho Serra Mesa Center, a 56,395-square-foot neighborhood retail center at 3202-3304 Greyling Drive in the Serra Mesa community of northern San Diego County. Anchored by CVS Pharmacy and Crunch Fitness, the property features a roster of daily-needs-oriented national tenants and is currently 95.8 percent leased.
HFF is marketing the property on behalf of the owner. While the firm was unable to provide an asking price for the asset, sources unrelated to the transaction tell SoCal Real Estate that the asking price is $21.5 million, which is a 6 percent year-one cap rate.
According to HFF, Rancho Serra Mesa Center offers investors the opportunity to acquire a drug- and fitness-anchored retail center with income security from an Internet-resistant income stream on long-term leases in an infill Southern California location. Situated on almost five acres, the retail center for sale is positioned at the intersection of Greyling Drive and Sandrock Road, which is exposed to more than 20,000 cars per day.
There are no competing anchored retail centers within a one-mile radius of the center. Additionally, the property is centrally located among a dense residential area within the heart of San Diego.
The community of Serra Mesa includes the neighborhoods of Mission Village, Birdland, and Abbots Hill, as well as The Village at Serra Mesa in Lincoln Military Housing’s Naval Complex San Diego. Serra Mesa is bounded to the north by Aero Drive and Montgomery Field airport, to the west by the State Road 163, to the east by the Interstate 15 and the Stonecrest community, and to the south by Friars Road and Mission Valley. More than 24,000 residents live in a variety of single-family homes, apartments and condominiums in Serra Mesa and utilize Serra Mesa’s six elementary schools and Taft Middle School. The area is also home to numerous public parks and open space, including Ruffin Canyon.