An actress and author has received $10 million in financing for the purchase of the Fallbrook Mercantile Center, an outdoor retail center in North County, a real estate firm announced.
Neither the full purchase price was disclosed, nor the seller.
The 70,411 square-foot property, located on the 700 and 800 blocks of S. Main Avenue, has extensive street frontage along Mission Road, Main Avenue and Fallbrook Street.
Major Market, a grocery store, anchors the center, and has operated at the site since 1989. The center has strong historical occupancy with 14 tenants having occupied the majority of the property for more than a decade.
Moothart said lenders are likely “to offer very competitive terms for these types of highly functioning properties.”
“The interest rate is particularly low for a retail property,” he said. “Even larger centers filled with credit tenants have seen rates closer in the mid-3 percent range. It speaks to the increasing demand for well-located, stable retail centers, such as Fallbrook.”