Citivest, Hutensky Sell The Shops at Palm Promenade in San Diego for $41.5M
SAN DIEGO — A private exchange buyer and a single-tenant REIT have purchased The Shops at Palm Promenade, a newly constructed shopping center in San Diego, for a combined value of $41.5 million.
El Warner, Caitlin Zirpolo, Charley Simpson, Jordan Gomez and Alyssa Mera of Colliers’ Orange County-based National Retail Capital Markets team represented the sellers, Citivest and Hutensky Capital Partners, in the transactions.
The private exchange buyer acquired 765, 762, 764, 780 and 804 Dennery Road for a total of $25.8 million. Chick-fil-A, Starbucks Coffee, Jersey Mike’s Subs and The UPS Store are tenants at the 24,120-square-foot space.
The single-tenant REIT purchased the 45,308-square-foot Burlington building at 760 Dennery Road for $15.7 million.