February 13, 2020 – JLL Capital Markets announced today that it has closed the $12.15 million sale of Breakwater Town Center, a 15,934-square-foot retail center consisting of four fully occupied, freestanding, triple-net-leased outparcel pads in the San Diego-area community of Imperial Beach, California.
JLL marketed the property on behalf of an undisclosed private seller. The JLL Retail Capital Markets team representing the seller was led by Managing Director Gleb Lvovich and Director Daniel Tyner. This transaction comes on the heels of the sale brokered by the team of the Grocery Outlet building in the same shopping center for $7.15 million, completing a parcelization of the property for a total consideration of $19.3 million.
Constructed in 2018 with a beach-centric aesthetic, Breakwater Town Center consists of 31,934 of fully leased internet-resistant tenant lineup that includes Starbucks, Chipotle, Five Guys Burgers and Fries, Baskin Robbins, Jersey Mike’s Subs and Great Clips and Grocery Outlet. Situated on 1.89 acres at 781-881 Palm Avenue, the center is in an infill area of Imperial Beach, which is 14.1 miles from downtown San Diego.
“We are excited to close on the sale of Breakwater Town Center and complete a parcelization strategy to maximize pricing for the seller,” Lvovich said. “The sale continues our team’s dominance in San Diego retail, a market on which we are extremely bullish.”
“Breakwater Town Center represents the ideal internet-resistant strip center that investors are seeking to acquire today due to its coastal location and premier tenant roster,” Tyner added.