NGKF Capital Markets has completed the $51 million sale of The Marketplace at Windingwalk, a 104,206-square-foot grocery anchored neighborhood retail center in the Eastlake submarket of south San Diego County. The property was 96 percent occupied at the close of escrow and offers major brands including anchor tenant, Vons Supermarket, In-N-Out Burger, Wells Fargo, and Bank of America as well as a strategic mix of regional and local tenants.
Pete Bethea, Rob Ippolito and Glenn Rudy of NGKF Capital Markets’ retail division represented the seller, Aliso Viejo, CA-based Shea Properties. The buyer, New York City-based Zurich Alternative Asset Management, LLC (ZAAM) represented itself. ZAAM is an alternative investment adviser to Zurich North America and its affiliates (Zurich) that is responsible for the group’s hedge fund, private equity and US real estate investments. The ultimate parent of Zurich is a publicly traded firm, which is one of the world’s largest insurance companies with roughly $200 billion of investments on its balance sheet.
“The Marketplace at Windingwalk represented an excellent opportunity to acquire a best-in-class neighborhood center located in a premier San Diego County neighborhood experiencing explosive growth,” said Bethea. “This center’s location, architecture, tenant lineup and tenant performance are unique in today’s investment climate and are ideal for today’s core investor.”
Ippolito added: “NGKF’s 28-day marketing campaign for this asset produced multiple offers and was a highly competitive bidding process among a number of institutional and private firms from the U.S. and overseas.”
Built in 2008 and situated on a 9.3-acre parcel of land at 1754 - 2160 Eastlake Parkway in Chula Vista, The Marketplace at Windingwalk is located at the southeast quadrant of Eastlake Parkway and Birch Road and is approximately 10 miles south of Downtown San Diego. The institutional-quality center was designed and constructed to cater to the rapidly expanding clientele in the master-planned community of Eastlake.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.