Terramar Buys Encinitas Retail Center for $78MWednesday, October 5, 2011
Carlsbad-based Terramar Retail Centers LLC has purchased Encinitas Village, a 183,675-square-foot neighborhood retail center on North El Camino Real in Encinitas. The purchase price was $78.65 million and the deal closed on Sept. 30, CoStar Group reported on Oct. 4.
The center, first built in 1981 and upgraded in 2008, consists of eight buildings and is currently anchored by Ralphs, CVS Pharmacy and Trader Joe’s. The seller was Encinitas Associates II, a private investment firm that owned the center for 20 years and was represented in the deal by the brokerage firm Cushman & Wakefield.
The privately held Terramar said in a Sept. 27 statement that it is actively expanding its portfolio through acquisitions, new development and redevelopments of retail centers in its core markets in the western United States.
“We are very well capitalized and can close on transactions without financing, which is beneficial in this economic environment,” said Matthew Smith, Terramar’s vice president of acquisitions.
Terramar has acquired, managed and leased more than 6.5 million square feet in its 15-year history. It currently owns and operates 21 retail centers, including Seaport Village in downtown San Diego.
— Lou Hirsh