Overview
Mira Mesa Market East offers a rare opportunity to acquire a dominant 19.6-acre retail center with near-term, by-right residential development potential under RMX-1 zoning within one of Southern California’s strongest housing markets.
The 19.6-acre site — zoned RMX-1 and designated “Urban Village (0–73)” — offers by-right capacity for up to ±2.6M SF and ±1,429 units of multifamily or for-sale housing. Phase 1 (±7.7-acres) is available to develop by 2028 with potential for up to ±1.0M SF / ± 559 units, while Phases 2 and 3 (±11.9-acres) provide an additional ±1.6M SF / ±870 units available to develop as early as 2035 & 2039, enabling a phased execution alongside durable in-place retail income. Spanning across eight parcels, the existing retail property features 249,225 SF of high-quality retail improvements. Currently, it is 93.5% leased to Edwards Cinema 18-plex IMAX Theatre, Ross, Panera Bread, ULTA Beauty, Old Navy, Islands Restaurant, Barnes & Noble, Men’s Wearhouse, and a selection of popular dining and entertainment operators.
Strategically located at the southeast corner of Mira Mesa Blvd. and Westview Pkwy., Mira Mesa Market East enjoys a commanding presence at one of San Diego County’s busiest intersections along with unrivaled visibility from the I-15 FW (278,000 vehicles per day). Mira Mesa Market East offers investors the ability to purchase a high-performing retail center with the ability to transform the site into a dynamic mixed-use residential community.
Investment Highlights
CORE SAN DIEGO LOCATION WITH STRONG DEMOGRAPHICS
- Prominent 19.6-acre freeway-fronting site in one of San Diego’s most supply-constrained markets.
- Over 204,000 residents with $194K AHHI, 104,000 daytime employees within five miles.
- Among San Diego’s most highly trafficked retail hubs (6.5M+ annual visits), with strong synergy from adjacent Mira Mesa Market West anchored by Home Depot, CVS, Starbucks, and more.
ROBUST NORTH COUNTY SAN DIEGO HOUSING MARKET
- A decade of multifamily strength: 96% occupancy, 4.8% rent CAGR, and unmatched supply constraints — only 2 multifamily deliveries in the past 10 years and zero multifamily units planned or under construction.
- The average home value in Mira Mesa is ±$1.0M, with surrounding submarkets averaging home values of ±$1.4M, as well as townhomes selling for an average of $701/SF within a 3 mile radius over the past 12 months with certain sales exceeding $800/SF.
FAVORABLE ZONING WITH SIGNIFICANT RESIDENTIAL DEVELOPMENT POTENTIAL
- Designated as Urban Village (0-73) in the Mira Mesa Community Plan and zoned RMX-1, the 19.6-acre site offers by-right potential to build multifamily or for-sale housing with entitlements allowing a 3.0 FAR (±2.6M SF) and up to 73 du/acre (±1,429 units).
- Phase 1’s ±7.7 acre portion of the 19.6-acre site features coterminous lease expirations in or before 2028 allowing for near-term residential development up to ±1.0M SF and ± 559 units.
- Designated a Transit-Oriented Development (TOD) by the City of San Diego in 2018 due to its proximity to the Miramar College Transit Station, the site benefits from reduced parking requirements and a parking surplus, offering entitlement certainty and redevelopment flexibility for high-density multifamily or mixed-use projects.
STABLE IN-PLACE INCOME AND STRONG TENANT PERFORMANCE
- Long-standing tenant maturity: average tenancy exceeds 19 years with most tenants original to the property.
- High-performing Edwards Cinema, featuring the area’s leading theater and exclusive IMAX screen.
- Outstanding tenant sales: Ross, Old Navy, Edwards Cinema, Barnes & Noble, Bath & Body Works, and most restaurants consistently report sales well above national chain averages.
FLEXIBLE EXIT AND DEVELOPMENT STRATEGY
- The 19.6-acre site offers a rare phased by-right development opportunity across three phases. Phase 1 (±7.7-acres) features lease expirations in or before 2028, Phase 2 (±4.5- acres) in 2035, and Phase 3 (± 7.4 acres) as early as 2039.
- Divided into eight parcels, the Property provides flexibility for future development, disposition, or financing, including the ability to separate development sites from the existing retail asset.
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