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Deal of the Week - Sale

Sales of retail centers

Stephen Avoyer, Stewart Keith, Brad Williams and Tommy Gibbs, of Flocke & Avoyer Commercial Real Estate, represented the sellers of the Deal of the Week. The buyers represented themselves.

The deal was the sale of portions of nine shopping centers across San Diego County for a total $183.25 million, according to Flocke & Avoyer.

The buyers were entities of Angleo Gordon Real Estate Inc. and its partner and managing member Citivest Commercial Investments LLC, of Newport Beach.

The sellers were entities of Gatlin Development Company, with Franklin C. Gatlin III as the president.

Escrow and title services were handled by First American Title Company.

The centerpiece of the multi-property transaction was a majority of the 447,228-square-foot Pacific Coast Plaza, 2110-2191 Vista Way, Oceanside. The 312,313 square feet in that center was sold for $18.75 million, plus the outstanding balance of a June 2007 loan originally for $62.95 million.

As in Pacific Coast Plaza, most of the transactions excluded tenant-owned properties, such Kohl's Corp. (NYSE: KSS), Vons and Walmart. The prices also included assumptions of outstanding loans from June 2007.

The total transaction was for 523,123 square feet out of a total retail portfolio of 2.84 million.

The other properties in the sale are East County Square (28,500 square feet out of 241,534); the 12,301-square-foot East County Village; EastLake Terraces (61,012 of 362,289 square feet); Eastlake Village Center East (16,800 of 117,778 square feet); Palm Promenade (32,000 of 617,000 square feet); Southbay Marketplace (8,632 of 220,519 square feet); Stonecrest Plaza (7,615 of 469,462 square feet) and Town Center North (43,750 of 353,657 square feet).

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