August 12, 2020
Miracrest Plaza, a 24,273-square-foot retail center in San Diego’s Golden Triangle, traded hands for $6.2 million. The deal works out to a $254.81-price-per-square-foot and closed at a cap rate of 6.46%
The 98%-leased internet resistant retail center is located on 1.23 acres of land at 6780 Miramar Rd. and anchored by Subway. The deal marks the first time the property was on the market since originally developed in 1986.
Marcus & Millichap’s Nick M. Totah and Greg Farris handled the deal on behalf of the unnamed seller. The undisclosed buyer stands to realize significant upside in rental rates with no major tenants rolling over in the near term, notes Totah. It was a 1031 Exchange for seller and buyer.