Bo Gibbons, Ken Robak, Brian Crepeau and Robert Phillips; Pete Bethea, Kipp Gstettenbauer Pacific Coast Commercial, Cushman & Wakefield Glasshouse Square, 3146-3156 Sports Arena Blvd., San Diego 101,818 square feet Total consideration: $24 million
About the property: The 100-percent-leased Glasshouse Square shopping center in Point Loma was sold as the "upleg" portion of a 1031 exchange begun in November 2011, when a partnership controlled by Kiffmann sold the three-building, 106,500-square-foot Wateridge Summit Property on Wateridge Circle in Sorrento Mesa for $45.6 million.
The center, at the junction of Rosecrans Street and Sports Arena Boulevard, was purchased by Rosecrans Plaza Kiffman LLC, an entity controlled by San Diego investor Helmut Kiffmann.
The center originally dates back to 1956. There was an addition in 1958, but the property didn't undergo a modernization until 1981, when the UA Glasshouse 6 Theater was constructed.While the theater complex brought in visitors at the outset, many retailers weren't benefiting due to a lack of street visibility. Tenants departed, and the center gained the moniker of "ghosthouse square" by area brokers in the early 1990s. The center was then effectively turned inside out, and the front of the property was broken into multiple units. While the tenants began to return, owners found the multiplex theater didn't have the draw it had in the 1980s, and elected to close it in 1999.
The gamble paid off. The theater was replaced by the Peninsula Athletic Club, which itself was replaced by Gold's Gym. The center was again renovated in 2003. In the meantime, fast food pads were added for In-N-Out Burger and Del Taco.