15
Apr

HP INVESTORS, LLC PURCHASES MIRAMAR SQUARE SHOPPING CENTER

San Diego, CA 92126 – HP Investors, LLC has purchased Miramar Square Shopping Center totaling 70,959 SF located at 9212-9292 Miramar Road, San Diego, CA 92126, for $12,550,000.00 from an investment group advised by SENTRE Partners.

The property is situated on a prime parcel along Miramar Road and presents a unique opportunity to own one of the larger shopping centers in the Miramar sub-market. The shopping center’s current tenants include Arizona Tile, Wells Fargo, Pacific Marine Credit Union, Enterprise Car Rental, Subway, Miramar Cash & Carry and Flip Force Gymnastics.

Chris Carter of Flocke & Avoyer Commercial Real Estate, who represented the Buyers in the transaction remarked: “The Miramar trade area is very central when looking at San Diego from a county wide perspective, and Miramar Square’s size and layout provides for opportunities that other retail centers along the same corridor don’t share. HP Investors has a great track record for creating value, and I’m confident this asset will be no different.”

Sumeet Parekh, a principal with HP Investors states: “We’re excited to add this dynamic property to our growing portfolio in San Diego. This represents HP Investors fifth acquisition in the last 12 months.”

Doug Arthur, President of SENTRE Partners, adds on behalf of the Seller: “We are proud to have worked in a long term partnership with the owners and our marketing team to sell Miramar Square at a profit following a significant and recent lease up of the asset. We intend to strategically re-invest the proceeds in other real estate opportunities in Southern California.”

Chris Carter of Flocke & Avoyer Commercial Real Estate represented the Buyer, HP Investors, LLC. The seller was co-represented by Matt Peckham, Brad Williams, Chris Carter, and Steve Avoyer of Flocke & Avoyer Commercial Real Estate, as well as Doug Arthur and Jim Hamilton of SENTRE Partners.