The Plaza at the Border is the second retail residential or commercial property in recent weeks to be placed on the marketplace in San Ysidro, CA, by owner The Shamrock Group.Situated near Mexico, San Diego’s San Ysidro has long been popular with outlet bargain hunters on both sides of the border, bringing stability to an area where large multi-tenant retail residential or commercial properties seldom pertain to market. However that is altering, and some state stress over trade and migration could be
playing a role. Marketing from CBRE Group shows that The Shamrock Group has actually placed its residential or commercial property referred to as
The Plaza at the Border up for sale, with a preliminary asking price of around $28.7 million, or approximately $293 per square foot. The 98,123-square-foot retail center opened in 2012 at 3951-3975 Camino De La Plaza, and is currently 90 percent
inhabited by multiple tenants including Ross Dress for Less and TJ Maxx. The property owner and CBRE officials were not commenting, however preliminary quotes for The Plaza are being accepted through June 21.
This is the second property in San Ysidro put on the market by Solana Beach-based Shamrock Group in less than 8 weeks.
In April, it put up for sale the surrounding Outlets at the Border, covering 134,960 square feet, with a preliminary asking price of$ 60 million. Outlets at the Border is 92 percent inhabited and opened in 2014 at 4463 Camino De La Plaza. That home in turn is adjacent to Simon Property Group’s Las Americas Premium Outlets– which is not for sale– spanning more than 650,000 square feet and a main draw amongst consumers at the San Diego-Tijuana border because its 2001 opening. Provided the relative stability taken pleasure in by San Diego County as a whole, 2 homes at San Ysidro striking the marketplace at the very same time– and for the very first time, as they are presently owned
by the original designer– is new and unusual. While it was not known if trade or immigration elements particularly played a role in Shamrock’s decision to sell, Simon and other retail operators during the past two years acknowledged slight drop-offs in customer traffic, due in part to aspects such as the decline of the Mexican peso and continuous building at the U.S.-Mexico vehicle crossing at San Ysidro, which has been undergoing extensive remodellings. Mike Moser, a business broker with San Diego-based Retail Insite, stated the crossing-adjacent residential or commercial properties at San Ysidro usually continue to gain from stable car and pedestrian traffic coming from both sides of the border. In his previous work for CBRE
, for example, Moser assisted to complete leases at the Shamrock property with a number of tenants including anchors Ross and TJ Maxx. The San Ysidro location, however, historically tends to be delicate to changes in the economy of both the United States and Mexico, and might be affected in the future by high-profile nationwide concerns unfolding at the border related to global trade and immigration. “Any interruptions in border crossing or security-type scenarios can have an effect as well,” Moser stated.” We saw this after 9/11 when the borders were on higher alert. So immigration policies and other such things can have a negative impact on cross-border traffic and sales that are so reliant on traffic from the opposite
of the fence.” Other observers, including researchers at JLL, have recently forecasted that retail centers nationwide, consisting of in tight-supplied markets like San Diego, might see an uptick in property sales activity in the second half of 2018, as institutional and other big national investors take parked money off the sidelines. Lou Hirsh, San Diego Market Reporter CoStar Group.