Another retail center has been placed up for sale in San Diego. The 45,384 square foot property, located at 11485 Carmel Mountain Road, is fully leased to several long term tenants, according to the property listing by Triwell Properties.
Brokers for the property include Triwell Properties’ Trevor Harris, Jim Wellbaum and Matt Crawford. Guidance pricing for the site was not disclosed.
The shopping center, also referred to as Carmel Mountain Gateway Plaza, was built in 1995 and has received renovations as recent as 2019. Overall, the property consists of two one-story buildings on nearly four acres of land.
Tenants at Carmel Mountain Gateway Plaza include Ulta, Party City, Bevmo!, Baskin Robbins, F45, Kung Fu Tea, Urban Thai and others. According to the listing, net operating income for 2024 is approximately $1.76 million.
Located within the Carmel Mountain Ranch submarket, the property is closely situated to various other retailers, including Costco, Trader Joe’s, Total Wine and More, Sprouts Farmers Market and various others. The retail center is also located just off Interstate 15 as well as State Route 56.
Across the San Diego retail market, vacancies are trending down while construction and rental rates are trending up. According to a first quarter market report from Kidder Mathews, retail vacancy year-over-year has decreased by nearly 11 percent to 4.1 percent, while average rental rates have increased by nearly eight percent to $2.34 per square foot. Average sales prices in the first quarter of the year came in at just over $404 per square foot.
