SAN DIEGO—Hanley Investment Group Real Estate Advisors recently handled the sale of Bernardo Heights Plaza, a shopping center in the Rancho Bernardo community here, for $12.4 million.
The buyer was ROIC BHP LLC of San Marcos, Calif. The seller was MPC Bernardo Heights, LP of Anaheim, Calif. The plaza is at 15727 & 15731 Bernardo Heights Parkway in Rancho Bernardo. The center is 37,729 sq. ft. and situated on 3.2 acres. The center was built in 1983, and was remodeled in 2006. The property is anchored by Sprouts and also includes tenants Tuesday Morning, Bernardo Heights Dental Group, Majestic Nails & Spa, Sports Clips and Wholesome Choice Pet Market. The center was 100 percent occupied at the time of sale.
Hanley executives say that buyer demand for well-anchored shopping centers in San Diego County remains high. “Other than single-tenant net leased assets, grocery-anchored shopping centers continue to be one of the most sought after retail investments in today’s market,” said William Asher, managing director at Hanley. The company represented the seller and buyer in the deal.