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, 8905 Towne Centre Drive, Suite 108, San Diego, 92122, Attn: Richard Schoebel. Michael B. Haines is the chief financial officer of ROIC.
The seller of the property (assessor's parcel 274-912-38) 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. The property is anchored by Sprouts and also includes 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.
“Other than single-tenant net leased assets, grocery-anchored shopping centers continue to be one of the most sought after retail investments in todayís market,” said Asher, managing director at Hanley.
“Based on the response we received from the market it is clear that buyer demand for well-anchored shopping centers in San Diego County remains high,” said Hanley, president of Hanley.