A 23,360 square-foot retail center in San Diego has hit the market for the first time since being built more than 20 years ago. The shopping center, consisting of Stonecrest Plaza I and II, is being listed collectively for $23.15MM, according to the property’s offering memorandum.
The plazas are located at 3675 and 3737 Murphy Canyon Road, and each boast six tenants. The plazas are the entrance to a larger shopping center anchored by Walmart and Vons, with McDonald’s, Taco Bell and Chevron serving as outparcels, according to Cushman & Wakefield, which is listing the property on behalf of the owner, an entity associated with Aero Drive, LLC.
The retail buildings were constructed in 1997 and 2001, and have managed to maintain strong occupancy, with some original tenants still onsite, the offering memorandum states. Some current tenants include Starbucks, Bank of America, Verizon, Papa John’s and Baskin Robbins, among others. Combined, the properties have an average net operating income of more than $1.1 million
Each plaza also maintains an open storefront, making space for new tenants to move in. In Stonecrest Plaza I, the property maintains 2,765 square feet of vacant space while the second plaza has 1,274 square feet of vacant space.
Centrally located in the heart of San Diego, the plazas are easily accessible via Interstates 15, 805 and 8. The property is also surrounded by dense infill neighborhoods, including Serra Mesa, Mission Valley, Tierrasanta, Allied. Gardens and Grantville.
According to Cushman & Wakefield, the three-mile radius surrounding the property hosts a population of nearly 108,000 people, and a daytime population of more than 155,000. At the intersection of Interstate-15, the location also sees more than 205,000 vehicles per day, with an additional 52,257 vehicles daily at the nearby Aero Drive.
The property is also directly south of the former Qualcomm Stadium, which is undergoing renovations that are expected to drive additional traffic in the area. According to the offering memorandum, the project includes the construction of 4,600 housing units, more than 1.5 million square feet of office, technology and lab space, 95,000 square feet of neighborhood retail, a 35,000-seat stadium and more.
“This highly trafficked and centrally located business district is known for its accessibility
from anywhere in San Diego County…This offering presents a once in a lifetime opportunity to own a rarely available core property in the heart of San Diego County,” the offering memorandum states.
Listing agents with Cushman & Wakefield did not respond in time to comment for this story.