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Deal of the Week - Sale

Retail center in Rancho Bernardo

Bernardo Heights Plaza, a 37,729-square-foot, Sprouts-anchored shopping center in Rancho Bernardo at 15727 and 15731 Bernardo Heights Pkwy., San Diego 92128, has been sold for approximately $12.45 million.

The transaction involved payment of $3,555,500 and assumption of an August 2007 loan of $9.6 million. The outstanding balance is $8,894,660.

The buyer was ROIC BHP LLC, of San Diego. Michael B. Haines is the chief financial officer of ROIC.

The seller was MPC Bernardo Heights L.P. of Anaheim, with Rue Capital LLC as general partner. Michael M. Rue is the managing member of Rue Capital.

William B. Asher and Edward B. Hanley, of Hanley Investment Group Real Estate Advisors, represented the buyer and seller.

The center was built in 1983 on 3.22 acres and remodeled in 2006. Tenants also include Tuesday Morning, Bernardo Heights Dental Group, Majestic Nails & Spa, Sports Clips and Wholesome Choice Pet Market. The center was 100 percent occupied at the time of sale.

Bernardo Heights Plaza. Photo courtesy of CoStar

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