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5910 Santo Rd, San Diego, C...

Updated Oct 29, 2024

Bilt advertisement
Marcus & Millichap Sells Tierrasanta Retail Center To Local Investor In San Diego
SOLDRetail

Marcus & Millichap Sells Tierrasanta Retail Center To Local Investor In San Diego

5910 Santo Rd, San Diego, CA, 92124

$15,500,000

$367/SF

Building Size

42,192 SF

Asset Type

Retail

Closing

Nov 22, 2023

About this deal

AI

Tierrasanta Gateway Shopping Center, located at 5910 Santo Rd, San Diego, CA, 92124, recently sold for $15,500,000. The property spans 42,192 square feet and consists of four buildings on approximately 3.7 acres. The asset features a mix of 25 Internet-resistant retail tenants including the United States Postal Service, Dairy Queen, and Alans Market. Built in 1992, the center is situated on the corner of Santo Road, backing up to Highway 52 near the I-15 and 163 freeway connectors.

Summary of transaction details:

The transaction marks the portfolio's first sale in nearly 20 years. Nicholas Totah and Ross Sanchez, representing the buyer, emphasized the opportunity within a low vacancy market and noted the asset's high barriers to entry and exceptional management. The seller, TGSC LLC, was self-represented in the deal.

Players

Ross Sanchez

Marcus & Millichap

Broker

$131.9M

vol

18 deals

Broker
LI
Local InvestorBuyer

San Diego Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Deal FAQ

About $367 per square foot on a published $15.5M for 42,192 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.02%

Cash-on-Cash

-0.29%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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