A retail plaza adjacent to the world renowned Hotel Del Coronado has recently been placed on the market. A marketing brochure for the 41,949 square foot property, Coronado Plaza, from CBRE shows that the property has been placed up for sale with a $43.5 million asking price, or approximately $1,037 per square foot.
The property is located at 1300-1330 Orange Ave. on just over half an acre. According to public records, the property last traded in 2013, when it was acquired by San Diego-based Paragon Real Estate Investments.
The property includes 91 parking spaces and is home to multiple tenants, including Domino’s, Yummy Sushi, Subway, Coronado Shores Co., Island Yoga Coronado and others.
The property listing shows that Coronado Plaza is currently about 95 percent occupied with a net operating income of more than $2.6 million. Net operating income is projected to increase more than 33 percent over the hold period as well.
Coronado Plaza sits directly across from the Hotel Del Coronado and along Route 75, a main thoroughfare along Coronado Island. Coronado is one of the top tourist destinations in San Diego as well as across the country, attracting more than one million visitors annually. The area is also home to approximately 20,000 residents, according to the U.S. Census Bureau.
The overall San Diego area has seen strong performance in its retail market over the last few quarters. According to a fourth quarter retail market report from CBRE, the San Diego retail market reported strong leasing activity during the final quarter of the year with positive net absorption totaling 122,879 square feet and a vacancy rate of 4.9 percent. Overall, leasing activity in the fourth quarter reached 340,336 square feet.
