The center was purchased by Cornerstone’s Regency Bressi LLC Partnership, and handled out of that firm’s Santa Monica offices.
The center, developed by LNR Property LLC’s Commercial Property Group (LNR) in 2008-09, is anchored by Stater Brothers, Trader Joes, Unleashed by Petco, Souplantation Express, Chase Bank and Rubios. The property was seven years in the planning before it was constructed.
Stewart Keith and Bill Thaxton of Flocke & Avoyer were the local market leasing representatives for the team.
Thaxton said there was so much interest in the center, which is 96 percent leased, the selling price ended up being around what it might have sold for at the peak of the market in 2006 or 2007.
“The price would have been very close to this,” said Thaxton. “You have a grocery-anchored center in an affluent community. It will be the only grocery-anchored center in the whole (Bressi Ranch) community and the closest Trader Joe’s is in Oceanside or Encinitas.”
Thaxton said the center is close to a large community park that helps bring people in as well.
The fact that Bressi Ranch Village was able to lease up right in the middle of a downturn also bodes well for the center.