UTC Retail Center Sells for $23.8MMonday, August 15, 2011
Renaissance Towne Center, a neighborhood retail center in San Diego’s University Towne Centre submarket, has been sold for $23.8 million. It is located at 8935 Towne Centre Drive.
According to CoStar Group, the buyer was Retail Opportunity Investments Corp. of Purchase, N.Y. The seller was ACF Property Management Inc., based in Studio City.
The transaction closed on Aug. 3. The center last sold for $12.8 million in 1999.
The center, built in 1991, has a total of 52,893 square feet of space. Its tenants include CVS Pharmacy, Quizno’s, Pizza Hut and Rubio’s Fresh Mexican Grill.
— Lou Hirsh