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Newmark Knight Frank Completes $16 Million Sale of San Elijo Hills Town Center

San Diego, CA (12/18/2019)

8:00 AM

Newmark Knight Frank (NKF) has announced the sale of San Elijo Hills Town Center, a 23,076-square-foot lifestyle center located at 1620, 1628, 1640 and 1646 San Elijo Road in the city of San Marcos in San Diego's North County. The center, built in 2019, features notable tenants Starbucks, Cyclebar, Everbowl, Sourdough Bread Company, Tapa Tapa Spanish Restaurant, SETS Kitchen & Bar, and Lourdes Mexican Food.

NKF Senior Managing Directors Rob Ippolito and John Jennings and Managing Director Glenn Rudy represented the seller Ambient Communities dba SEH Lifestyle Center, LLC in the $16 million sale to Gershman Properties, LLC.

"San Elijo Hills is a wonderful community and a great place to live, work and shop," said Director of Retail Development for Ambient Communities Duncan Budinger. "We are excited to welcome Gershman Properties to the neighborhood and look forward to working together." Ambient Communities currently owns San Elijo Hills Market Walk and is developing Phase II.

Since its completion, the town center has become the restaurant destination for the masterplanned community of San Elijo Hills. Its service retailers including Grand Vision Optometry, San Elijo Pediatric Dentistry, and Downtown Academics Tutoring, all provide a much-desired convenient necessity service to surrounding residents as well. San Elijo Hills Town Center is located along the west side of San Elijo Road, between Baker Street and Elfin Forrest Road. Construction of the San Elijo Hills community began in early 2000 to provide a captive, all-encompassing community experience for residents. San Elijo Hills is now home to more than 3,500 dwellings. Its affluence is significant as average household incomes are $145,000 per year while the average home price is $931,000.

"San Elijo Hills Town Center was truly built to institutional levels delivering a collection of successful retailers and level of architectural quality rarely found in today's market. This will prove to be a welcome addition to the buyer's portfolio," said Ippolito.

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

For Media Inquiries Contact:
Deb Bergman
Vice President PR and Communications
Newmark Knight Frank
T 303.260.4307