IAC Management purchased the Tierrasanta Gateway neighborhood shopping center at 5910 – 6030 Santo Road in San Diego, California, from a local investor for $15.5 million, or about $367 per square foot.

Backing to Highway 52 near the Interstate 15 and 163 Freeway connectors, the 42,192-square-foot retail property had just one unit vacant at the time of sale. Current tenants include United States Postal Office, Dairy Queen and Alan’s Market.

This is the first time the property has sold in nearly 20 years.

Matt LoPiccolo and Michael Federico of CBRE represented the seller. Nick Totah and Ross Sanchez with Marcus & Millichap represented the buyer.

For more details on this transaction, please see CoStar COMPS #5562370.