The Shops at Madison Place, a 53,294-square-foot retail property in Clairemont Mesa, has been sold for $23 million, according to a brokerage.
CEG Capital Partners, based in San Diego, acquired the property from the seller, The Shops at Madison Place LLC.
The property, at 5487-5597 Clairemont Mesa Blvd., is currently 93% leased and features a mix of long-standing tenants, including the Golf Bar, Victory MMA & Fitness, STP Bar and Grill and CosmoProf.
CBRE’s Michael Peterson, Reg Kobzi and Rachel Parsons represented the seller in the transaction.
“Madison Place is a rare opportunity to acquire a stabilized retail asset with immediate upside through leasing and rent growth, in an undersupplied retail market,” Peterson, a senior vice president said in a news release. “The marketing process produced multiple offers from retail investors, apartment builders and town home developers.”
After a competitive bidding process, and despite the interest in converting the site to housing, the property is set to remain a retail center.
CEG Capital Partners lists several current and former local holdings on its website, including Mercury Ronson Plaza, Kearny Square and Convoy Court.
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