San Diego Business Journal

Rancho Bernardo Retail Center Sells for $12.4M

Thursday, February 21, 2013

An affiliate of locally based Retail Opportunity Investments Corp., also known as ROIC, has purchased a grocery-anchored retail center in Rancho Bernardo for approximately $12.45 million. The buyer of the property, known as Bernardo Heights Plaza, was ROIC Bhp LLC, according to CoStar Group.

The seller of the property, at 15727-15731 Bernardo Heights Parkway, was MPC Bernardo Heights LP of Anaheim. A statement from Hanley Investment Group, which represented the seller, said the center is anchored by Sprouts Farmers Market, with other tenants including Bernardo Heights Dental Group, Sports Clips and Wholesome Choice Pet Market.

The 37,729-square-foot center, on 3.22 acres, was fully occupied at the time of sale. It was built in 1985 and renovated in 2006, according to CoStar.

ROIC, with headquarters in University Towne Center, is a publicly traded real estate investment trust that owns 40 shopping centers nationwide, totaling approximately 4.3 million square feet.

— SDBJ Staff Report